For stealing P138M from clients, former bank exec charged with qualified theft

The Department of Justice (DOJ) has filed 87 counts of qualified theft against a former bank executive for supposedly stealing around P138 million from his clients.   In a June 15 resolution obtained by media Thursday, a DOJ National Prosecution Service panel found probable cause to charge former Citibank Relationship manager Francis Bryan Ang and others with qualified theft through falsification of commercial documents.   The case stemmed from consolidated complaints of syndicated estafa filed by the bank against Ang for tampering documents to make 82 illegal transactions involving amounts of P97,003,540 and $832,000 (or P37.44 million) in one account and P1.6 million and $43,000 (or P1.935 million) in another. “We welcome this development as Citi continues to vigorously pursue the criminal and civil cases filed against Mr. Francis Bryan Ang, relating to this isolated incident which the bank discovered in 2010,” Citibank said in an emailed statement to GMA News Online.   “Only a few clients were impacted, and their losses resulting from this incident have been refunded in full,” the bank added.   In the middle of an investigation by the Citi-Security and Investigative Services (CSIS), Ang voluntarily admitted tampering with bank documents.   Ang later prepared four affidavits admitting among others that he: 1) simulated transactions by forging the signatures of Citibank clients, 2) released the funds and transferred these to his beneficiaries, including accounts of other clients to which he promised a high rate of return, and 3) changed the addresses of the victimized clients placed on bank records so that bank notices would not reach them.   Ang also admitted offering time deposits to these clients at rates higher than those being offered by the bank. He created fictitious certificates of confirmation and handed them to the clients.   In its investigation, the DOJ panel changed the complaint from syndicated estafa to qualified theft and did not recommend bail since the money involved exceeded P222,000, pursuant to DOJ Circular No. 29 Series of 2005.   "In resolving the case, the Panel of Prosecutors found no evidence to support the charge of estafa, much less syndicated estafa," the DOJ said.   According to the DOJ, the crime did not meet the two elements of syndicated estafa, namely: that Ang made false pretenses or fraudulent misrepresentations; and that such false pretenses or misrepresentations constitute the very cause which induced the offended party to part with his money or property.   Meanwhile, the DOJ panel "found no valid justification" to charge 11 other respondents, including Ang's cousin and mother, who were accused of conspiring with him.   "The Panel found that the complainant-bank failed to establish sufficient evidence that they participated and conspired with respondent in the commission of the offenses charged," the DOJ said.   "The mere fact that they were named as beneficiaries/payees does not, by itself, make them co-conspirators 'absent any showing that said respondents have specifically performed overt acts, either by active participation or moral assistance, in pursuance or furtherance of their supposed conspiracy,'" the DOJ added. — Mark Merueñas/VS, GMA News