DOJ okays first syndicated estafa case vs Legacy boss

MANILA, Philippines - Mayor Celso de los Angeles Jr. of Sto. Domingo, Albay and 11 officials of the Legacy Group have been charged in court with syndicated estafa for allegedly duping investors from General Santos City of more than P830 million.

Prosecutors have recommended no bail.

Justice Secretary Agnes Devanadera said prosecutors found probable cause to charge De los Angeles and 11 officials of the Rural Bank of DARBCI (Dolefil Agrarian Reform Beneficiaries Cooperative Inc.) with violating Presidential Decree 1689 in relation to Article 315 of the Revised Penal Code.

The others charged are lawyer Christine Antenor Cruz-Limpin, Carolina Hinola, Alexis Petralba, Roy Hilario, Bruce Rafanan, Virgilio Odejarm, Arnel Sulquiano, Cresencio Wagas Jr., Edgar Cando, Rolando Labrador and Alfredo Novo.

Five others were cleared for lack of probable cause.

They are Norman Tiongson, Zacarias Carticiano, Carmencita Cedo, Candy Buenaventura and Raniel Roque.

“It can hardly be denied that the respondents’ action or inaction amounted to deceit and damage essential in the prosecution for the crime of estafa,” read the DOJ resolution.

“It is undisputable that DARBCI failed to return the investments of the investors/depositors hence it is undeniable that they suffered damage in the amount of their unrecouped investments.”

During preliminary investigation, prosecutors found that the bank officials offered depositors vaunted “special innovative” bank schemes that guaranteed excessively huge profits, including a double your money in three

years program, conversion of three-year pension buy-back program, five-year deposit program and six-year hybrid program.

However, the DARBCI failed to fulfill its contract with depositors.

The case was among those filed by the Bangko Sentral ng Pilipinas against Legacy and its banks.

De los Angeles and other Legacy officials have already been charged in various courts with estafa and other offenses in connection with the alleged illegal scheme. -- Edu Punay