Solons victims of get-rich scam

Syndicates promising quick and easy money have victimized not only military and police generals and colonels but members of Congress as well.

Yesterday, House Deputy Speaker Gerry Salapuddin admitted in a news conference that he was duped by a Malaysian, whom he identified as Tham Fook Chong, alias Ray Tham, who was behind a boiler room scam.

He said he was lured into parting with a substantial amount by "sweet-talking male finance managers."

"I know of some congressmen and senators who, like me, were victims of this Malaysian boiler room operator," he said.

Salapuddin refused to say how much he lost in the scam or who were his fellow lawmaker-victims.

He urged the concerned authorities to run after Ray Tham.

Former Albay Rep. Edcel Lagman, who serves as lawyer to some victims of Tham Fook Chong, said the Malaysian maintained an "opulent high-rise condo unit" in Salcedo Village, Makati City.

"He beguiled Filipinos to invest in foreign exchange trading on the promise of huge returns," he said.

Lagman said from December 2000 to August 2002, Tham’s Kendeigh Foreign Exchange International Corp. duped 300 Filipinos into putting about P200 million in a ghost foreign exchange in Medan, Indonesia.

"After investors discovered this boiler room scam, Tham fled the country, leaving behind an empty vault, a trail of debts and wrecked lives," he added.

Tham and New Hook Soon, alias Albert New, were directors and president and treasurer, respectively, of Kendeigh.

The victims also identified the other Malaysian suspects as Edwin Tee, a business partner who served as conduit to the Indonesian conspirators; Ng Boom Ket alias Paasiang and Sundersan Al Doriasamy alias Sunder, chief of foreign dealers.

Their Indonesian counterparts were identified as Abu Djaja Bunjamin alias Paabu, Rusli Ali alias Paasiang, and Ridwan Djoko alias Awang, owners and principal officers of Kendeigh Medan.

A day after the National Bureau of Investigation (NBI) conducted the raid last Aug. 1 at the office of Kendeigh Phils., Tham, Ng and Sunder were able to leave the country after authorities failed to file appropriate charges against them.

Special Investigator 3 Albert Gaerlan of the NBI Special Action Unit explained that the filing of estafa charges was delayed because the Manila fiscal’s office told them they had to secure the required certification from the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission to be attached to the complaint. But the certifications came four days late.

He noted that due to lack of documents, the NBI had no choice but to release the Malaysian nationals or be charged with arbitrary detention. He said they learned about the escape of the three from the complainants.

The recommendation for the filing of the estafa case against the suspects was already transmitted to the legal department of the NBI and subsequently, formal charges will be filed in court.

According to Lagman, the almost $4 million or P200 million investments were doomed from the start because 95 percent of the investors suffered losses and about 72 percent of the total amounts invested resulted in losses.

Based on the aggrieved group’s presentation, Tham and his cohorts personally pocketed more than 50 percent of the total investments incurred since Kendeigh Phils. began operations in 2000.

Documents showed that Tham alone allegedly pocketed P89.3 million and reimbursed P5.1 million for his night-outs, foreign and domestic travels and credit card billings.

The same documents revealed that cash amounting to some P16 million was transferred to overseas companies in the Virgin Islands and Malaysia by Tham without board resolution while operating expenses and purchase office equipment, furniture and fixtures and leasehold improvements amounted to P52.9 million and P10.5 million, respectively.

Some P18.3 million were used to pay three clients, including remittance to a certain Anne Marie Rios.

As of Aug. 8, 2002, the money left in the bank was merely P3.3 million.

"Para kaming ginisa sa sariling naming mantika (It’s like we were fried in our own lard)," said Dan Dizon, 23, trader-investor who infused $10,000 to the business.

Other trader-investors were wives and relatives of overseas Filipino workers and laid-off workers who pooled their separation fees, and retirees, who invested their lump sum retirement pay to the bogus foreign exchange trading.

"By any standard, a scam is an atrocious offense, not only because of its magnitude but more so of the mocking malevolence attendant to its commission," Lagman said.

Not too long ago, a syndicate that promised high interest rates on peso investments victimized high-ranking military and police officers and even lowly soldiers and policemen.

The officers refused to reveal how much they had invested largely for fear of being asked where they got the money. A police general receives a basic monthly salary of P25,000.

The pyramiding scheme came to light during the presidential election campaign in 1998 when the wife of public relations practitioner Reli German, a friend of ousted President Joseph Estrada, was accused of duping hundred of investors.

Mrs. Loi Ejercito, now a senator, and Estrada’s chief security officer, then Col. Rodolfo Diaz, had admitted investing millions in Bunny German’s money-making scheme.