Victims pin down ex-PSE employee in P300-M swindle

MANILA, Philippines - More victims of former Philippine Stock Exchange (PSE) employee Jose Cecilio Peñaflor surfaced during the preliminary investigation at the Quezon City Prosecutor’s Office yesterday.

Two victims, including a student of Peñaflor from Centro Escolar University, filed their affidavits with Assistant City Prosecutor Nicasio Rosales.

A group supposedly victimized by Peñaflor was also present during the preliminary investigation of the syndicated estafa case against the rogue PSE employee but did not file their respective statements.

The syndicated estafa case against Peñaflor was filed last month by his cousin-in-law Francis Cruz, whose family was allegedly duped of an estimated P12 million.

Peñaflor was not present during the hearing but was represented by his lawyer Jerik Jacoba.

Peñaflor was ordered by the prosecutors to file a counter-affidavit in two weeks for the preliminary investigation.

“Despite our protestation, as this would be another delay in the case, the fiscal gave them the last chance and a stern warning to submit their counter-affidavit on March 31,” said Jojo Loy, lawyer for the Cruz family.

If Peñaflor cannot file his counter-affidavit, it would be deemed a waiver on his part to present refuting evidence and the prosecutor would base the case solely on the affidavits of the complainants, Loy pointed out.

He added that if the Prosecutor’s Office would find probable cause, the case would then be filed and raffled to a Quezon City regional trial court.

The investment of the complainants in the case before the Prosecutor’s Office in Quezon City is estimated to be at P50 million.

Most of the deals, transactions and payments between the victims and Peñaflor allegedly occurred in various cafes and restaurants in Quezon City, according to Loy.

Most of the victims were reportedly enticed by Peñaflor to invest in the stock market through various company shares and initial public offerings.

Peñaflor supposedly conducted regular seminars and talks regarding stock market investments to entice clients.

The suspect also has pending swindling and syndicated estafa cases before the Department of Justice (DOJ) filed by Joyce Marie Jao.

Jao, who lost P10 million in principal and interest to the scheme, submitted her reply-affidavit and reiterated her charges of swindling and syndicated estafa against Peñaflor, his brother Angelo, John Benedict Aguzar, Rafael Sigua and a certain Mike.

Jao asked the DOJ to indict the respondents in court during the preliminary investigation hearing conducted by Assistant State Prosecutor Rodan Parrocha.

Jao again revealed Peñaflor and the respondents enticed her into investing P4 million in stocks at ABS-CBN Corp. with a promised interest of “around 50 percent.”

She said they have not paid her a total of P10 million in principal and interest.

Peñaflor was arrested last Feb. 16 in an entrapment operation by the National Bureau of Investigation while allegedly collecting an additional investment of P500,000 from Jao.

But the prosecutor ordered his temporary release since the charges against Peñaflor pertained to previous acts or past series of transactions that Jao had with respondent, and not for the act of receiving an additional investment of P500,000 for which he was arrested by the NBI. 

In the earlier hearing last March 11, the Peñaflor brothers appeared before the DOJ and denied the charges.

The DOJ is set to conclude the preliminary investigation and submit the case for resolution.  – With Edu Punay