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Stock exchange man, 4 others in scam raps

  • Written by Hector Lawas
  • Published in Nation
  • Read: 239

THE Department of Justice has approved the indictment of former Philippine Stock Exchange (PSE) employee Jose Cecilio “Jay” Peñaflor and four others tagged in an alleged P100-million investment scam.

The DoJ has found probable cause in the complaint for syndicated estafa charges filed by Joyce Marie Jao against Peñaflor, his brother Angelo, John Benedict Aguzar, Rafael Sigua and Michael Rosales.

Jao alleged that the respondents enticed her into investing P4 million in stocks at ABS-CBN Corp. with a promised interest of “around 50 percent.” She filed the complaint earlier this year after they failed to pay her a total of P10 million in principal and interest.

The DoJ found ample basis to file the case in court and recommended no bail for the suspects.

“In this case, the intent to deceive and induce complainant to shell out her money in the guise of investing the same to shares offered in the stock market is apparent,” read the resolution approved by Prosecutor General Claro Arellano.
   
Preliminary investigation showed that respondents conspired in carrying out the scheme to falsely misrepresent that they were authorized by the Securities and Exchange Commission to conduct stock trading activities.
   
“It appears that the partnership (of respondents) was formed for the purpose of misappropriating funds of the general public. There were concerted efforts on the part of the respondents in order to carry out their misrepresentations,” the DoJ stressed.