NBI nabs ex-PSE employee in multi-million-peso investment scam

Authorities have arrested a former Philippine Stock Exchange (PSE) employee for allegedly running a multi-million-peso investment scam.

The suspect Jose Cecilio "Jay" Peñaflor was nabbed by National Bureau of Investigation (NBI) agents on Wednesday in Kamuning, Quezon City on an arrest warrant issued by Judge Primo Sio Jr. of the Quezon City Regional Trial Court.

The court is handling Peñaflor's syndicated estafa case, which stemmed from a complaint filed by a certain Joyce Marie Jao whom he enticed to buy shares of stocks that allegedly guaranteed a considerable amount of profit.

Convinced by Peñaflor's promise of high investment yield, Jao, on different occasions, invested a total of P8,000,000 in 2015.

Jao tried to redeem her profits but she was allegedly advised by Peñaflor that it could only be made available if she reinvested the same with his CAP-M Consultancy, which handled her money.

The former PSE education department assistant head said a network company was offering stocks worth P8,500,000 with a projected profit of double the amount of investment in just two weeks.

Peñaflor asked Jao to grab the opportunity and infuse an additional P500,000 in order to take advantage of the offer of the media giant.

Jao turned to the NBI after discovering from other investors of CAP-M that Peñaflor also failed to return their investments and the supposed profits.

Peñaflor was then arrested in an entrapment operation by the NBI on February 16 and was brought to the Department of Justice (DOJ) the following day to undergo inquest proceedings on the complaint for syndicated estafa.

The NBI, however, said Peñaflor was released for further investigation by the prosecutor sometime in February.

The DOJ eventually filed charges in court against Peñaflor for violation of Article 315 (swindling) of the Revised Penal Code, as amended, in relation to Presidential Decree 1689 (syndicated estafa).

Also charged last August were his brother Angelo, and their alleged accomplices John Benedict Aguzar, Rafael Sigua, and Michael Rosales. —NB, GMA News