Over 300 say they were victims of investment scam

More than 300 people who say they were victimized by an investment scam gathered in Rizal Park on Sunday morning to call on the authorities to locate the five suspects behind the supposed fraud.

Low Profile Summit Marketing, Inc. (LPSMI) allegedly promised a 15- to 25-percent return in investment to the investors, who included police officers, soldiers, teachers, and overseas Filipino workers.

One of them, a policeman, said he invested P3.6 million in the company from 2017 to 2018. He said he trusted the president of LPSMI, PO2 Michael Ocampo Yap.

"Naengganyo kami dahil lang sa pangako niya na 'yung sa percent," said the man. "Kilala ko siya [Yap] kasi kasama namin siya dati sa NCRPO [National Capital Region Police Office]."

In February 2018, the man said, Yap announced a problem with funding and promised to pay investors in May.

But when May came around, Yap—along with LPSMI incorporators Maria Raissa Yap, Jan Michael Fajardo, Mark Anthony Ocampo, and Eric Melegrito—allegedly went into hiding.

The victims filed a case against the five suspects at the Parañaque Prosecutor's Office which recommended the filing of 15 counts of estafa.

In its Resolution, the Prosecutor said Yap denied in his counter-affidavit that he lured investors. Yap said he merely borrowed money so he could invest in Wahana Credit and Loan Corporation, which itself has been accused of being an investment scam.

Yap said he tried to get the money back, but failed to do so.

In their joint counter-affidavit, on the other hand, the four other suspects claimed that they never engaged in financial investments, and that LPSMI trades car parts and accessories to buy and sell secondhand vehicles.

The Resolution quoted the suspects in saying that "the corporation was never a party to any investment agreement entered into by the complainants. Further, there is no showing that respondent Michael Yap acted on behalf of or was authorized to act on behalf of LPSMI."

Last January, the Parañaque Regional Trial Court released a warrant of arrest for the five suspects.

GMA News tried to get the side of Yap but his phone was out of reach; Melegrito did not answer our call. — BM, GMA News