Benguet “investors” sue Ponzi-scheme execs for syndicated estafa

La Trinidad, Benguet (December 10, 2024)— Six supposed investors sued 13 officers of SEC-censured, Baguio-borne realty firm Casa Infini and Developers Corporation (CIDC) and Casa Infini Builders and Realty Co Ltd (CIBRCL) for syndicated estafa after allegedly enticing them to invest money coupled with promises of incredible returns of investment (ROI) ala Ponzi-scheme.

Couple Jenylyn Galletes de Los Santos Floresca and Raffy Palangdan Floresca, Jaquelyn Melchor, Dexter de Los Santos Tampoa, Jovielyn Mina, Jinky de Los Santos Lontoc, Jamir Isaac de Los Santos, Justine Nichole Arenas, Jayden Daniel Arenas, Jeruck A. Sardenas, Maricel Castillo Curameng, Karen Galletis Malonzo and Janice Gopida were sued after they found out that the representations and promises of ROIs of 3% to 4.8% were all fraudulent.

June last year, the SEC en banc issued a Cease-and-desist- order (CDO) against Casa Infini taking cue from findings by the SEC Enforcement and Investor Protection Department (EIPD) that the firm and its officers were illicitly selling securities in the form of investment contracts.

Respondents, the SEC en banc added, are not registered brokers of securities with the SEC.  Likewise the CIDC and the CIBRCL do not have secondary licenses to raise investments from the general public, the agreements and contracts are not registered with the SEC.

The complainants bared that despite their numerous pleas, the respondents failed to return their money.

According to the SEC, CIDC asa Infini enticed the public to invest in alleged real estate projects in Baguio City either as a buyer-investor or as partner.

SEC also found out that CIDC had been promising a guaranteed income of more than P33,000 per month for 20 months, while convincing would-be investors that the investments collected were supposedly financing the real estate properties that it owned, managed and operated.