Prosecutors seek syndicated estafa raps vs. DV Boer execs

Government prosecutors will file a syndicated estafa case in court against the officials of DV Boer Farm International Corp. over their alleged involvement in an agribusiness investment scam.

In a resolution dated February 24, the Candon City Prosecutor’s Office found probable cause to indict DV Boer CEO Solomon “Dexter” Villamin, Lovely Corpuz, Krizza Aguilar, Joselyn Villamin, and Rosalyn Alvarez-Casihan before the Candon City Regional Trial Court.

The resolution said the five officers had “participated in a network of deception” as they failed to pay back complainant Jayson Molina who invested P19.36 million in the business that supposedly promised a high return.

Molina had demanded for the return of his money but to no avail.

“Despite the claim by the respondents that the investment of the complainant is intact and may be withdrawn anytime, there is no showing that the respondents intend to return, whatever is left, the invested amount,” the resolution stated.

“Clearly, the complainant suffered damages from the investments to DV Boer, Inc.”

Molina invested in DV Boer’s “Paiwi” Program which involves goat leasing and raising of rabbits, chicken and other livestock. The package cost ranges from P10,000 to P2.06 million.

In January last year, the Securities and Exchange Commission (SEC) decided to lift the investor warning against DV Boer after the company offered to pay a penalty of P3 million for its unauthorized public offering and sale of securities in the nature of investment contracts through the Paiwi Program.

The SEC also directed DV Boer to stop offering, soliciting and selling securities until it obtains a registration from the corporate regulator and to allow its farm in Batangas to be inspected for a period of at least three months.—LDF, GMA News