DOJ wants estafa raps vs. ex-PSE employee, 4 others

The Department of Justice (DOJ) has recommended syndicated estafa charges against former Philippine Stock Exchange (PSE) employee Jose Cecilio “Jay” Penaflor over an alleged P10-million investment scam.

In a 13-page review resolution by Senior Deputy State Prosecutor Miguel Gudio Jr., the DOJ said evidence presented in the case showed there is probable cause to charge Penaflor, his brother Angelo, and their alleged accomplices John Benedict Aguzar, Rafael Sigua, and Michael Rosales of violating Article 315 (Swindling) of the Revised Penal Code, as amended, in relation to Presidential Decree 1689 (Syndicated Estafa).

Jose Cecilio was slapped with an additional charge of violating Batasang Bilang 22 for his issuance of an Allied Bank check amounting to P5.9 million that bounced.

The Penaflor brothers and Aguzar had earlier denied allegations that they lured people into placing millions of pesos in a stock market investment scheme.

Jose Cecilio was the assistant head of Market Education at the Philippine Stock Exchange. His brother was employed in a stock brokerage firm.

The DOJ said Jose Cecilio, using CAP-M Consultancy, to which money was deposited, “deceitfully staged the fraudulent investment scheme and along with co-respondents duped and defrauded complainant Joyce Marie Jao of her hard earned money.”

“Respondents… clearly conspired with Jay in orchestrating the fraudulent scheme that resulted to [sic] the damage, prejudice and defraudation of complainant,” read the resolution.

“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 from the text messages sent to her by respondent Jay,” it added.

The victim claimed that the respondents hoodwinked her into making a principal investment of P4 million. She was promised an investment yield of "around 50 percent” for a period of 12 to 15 days only.

Including interest, the complainant claimed the respondents owed her more or less P10 million.

Jose Cecilio was arrested in an entrapment operation by the National Bureau of Investigation on February 16, after he requested the complainant to invest an additional P500,000.

Separate complaints have been filed against the Penaflor brothers with the Quezon City Prosecutor's Office and the NBI.

The DOJ said John Benedict cannot deny ignorance with the transactions made by Jay with Jao since he had admitted being a registered partner of CAP-M and has access to the bank account, checks, and receipts of CAP-M.

The DOJ said there was sufficient evidence to show Angelo actively participated in the scheme by making Jap believe that her stock investments were listed in the stock market and were earning profits.

The DOJ recommended charges against Rafael and Michael based on the unchallenged arguments and pieces of evidence against them, after the two failed to submit their counter-affidavits. —KBK, GMA News