Lapid seeks to punish individuals behind fraudulent investment schemes

A bill seeking to widen the scope of economic sabotage by punishing not only syndicates but individuals who carry out fraudulent investment schemes has been filed by returning Senator Lito Lapid.

In the explanatory note of Senate Bill 53, Lapid said most victims are depositors or members of rural and thrift banks and other financial institutions that belong to the poorer sections of society.

He said under the existing law, economic sabotage may only be committed by a group of at least five persons but recent incidents suggest that such unscrupulous acts of defrauding investors may be committed by a single person.

Senate Bill 53 or “An Act Expanding the Scope of the Crime of Economic Sabotage” will penalize individuals who either act by himself or in a group in carrying out investment schemes that defraud the people in the billions of pesos.

“These fraudulent schemes must end. Thus, this measure is proposing the revision of the law now existing to underscore the need to mete a severe punishment on those who prey on unsuspecting depositors/investors,” Lapid said.

He added not only does the measure insulate the investors/depositors from the economic saboteurs but will also help maintain the confidence and trust of the people on the country’s banking and financial sector. — MDM, GMA News