• Headlines
  • City/Region News
    • Baguio City
    • CAR
    • Nation
  • Sectoral news
    • Elections
      • Elections – 2022
      • Elections – 2019
    • Agriculture, Fishery and Pets
    • Business & Livelihood
    • Education, Arts & Culture
    • OFW | Migration
    • Environment and Disaster Management
    • Science and Technology
    • Tourism, travel and Events
    • Other Lifestyle
    • Police Beat
  • Health
    • Covid-19 Advisory and Updates
  • Opinion
    • Editorial
    • Columns
    • Timek Ti Umili
  • Sports
  • Other sections
    • Features
    • Photos/Videos
      • Photos
      • Videos
    • Words for reflection
    • Sponsored articles
    • Jobs in Baguio
    • Elections
  • Ads & Notices
    • Obituaries
  • About Us
    • About Us
    • Directory
    • Contribute
    • Advertise
    • Cookie Policy
    • Contact Us
HERALD EXPRESS | News in Cordillera and Northern Luzon
ADVERTISEMENT
  • Headlines
  • City/Region News
    • Baguio City
    • CAR
    • Nation
  • Sectoral news
    • Elections
      • Elections – 2022
      • Elections – 2019
    • Agriculture, Fishery and Pets
    • Business & Livelihood
    • Education, Arts & Culture
    • OFW | Migration
    • Environment and Disaster Management
    • Science and Technology
    • Tourism, travel and Events
    • Other Lifestyle
    • Police Beat
  • Health
    • Covid-19 Advisory and Updates
  • Opinion
    • Editorial
    • Columns
    • Timek Ti Umili
  • Sports
  • Other sections
    • Features
    • Photos/Videos
      • Photos
      • Videos
    • Words for reflection
    • Sponsored articles
    • Jobs in Baguio
    • Elections
  • Ads & Notices
    • Obituaries
  • About Us
    • About Us
    • Directory
    • Contribute
    • Advertise
    • Cookie Policy
    • Contact Us
No Result
View All Result
  • Headlines
  • City/Region News
    • Baguio City
    • CAR
    • Nation
  • Sectoral news
    • Elections
      • Elections – 2022
      • Elections – 2019
    • Agriculture, Fishery and Pets
    • Business & Livelihood
    • Education, Arts & Culture
    • OFW | Migration
    • Environment and Disaster Management
    • Science and Technology
    • Tourism, travel and Events
    • Other Lifestyle
    • Police Beat
  • Health
    • Covid-19 Advisory and Updates
  • Opinion
    • Editorial
    • Columns
    • Timek Ti Umili
  • Sports
  • Other sections
    • Features
    • Photos/Videos
      • Photos
      • Videos
    • Words for reflection
    • Sponsored articles
    • Jobs in Baguio
    • Elections
  • Ads & Notices
    • Obituaries
  • About Us
    • About Us
    • Directory
    • Contribute
    • Advertise
    • Cookie Policy
    • Contact Us
No Result
View All Result
HERALD EXPRESS | News in Cordillera and Northern Luzon
No Result
View All Result
Home Region CAR

11 charged for syndicated estafa in Baguio

Herald Express News Team by Herald Express News Team
April 5, 2016
in CAR
19
0
7
SHARES
109
VIEWS
Share on FacebookShare on Twitter

BAGUIO CITY  – The city prosecutor’s office recommended the filing of syndicated estafa charges against eleven officials and employees of an alleged Ponzi investment firm upon the complaint of 42 individuals who were divested more than P7 million after finding probable cause in the said case.

In an 8-page joint resolution penned by Associate City Prosecutor Farah C. Agunos, those charged for syndicated estafa were Romel Juaton, Herbert Juaton, Maricris Juaton, Alfred Cacdac, Ariel Espiritu, George Natividad alias Jorge Natividad, Devon Garganera, Kim Sasopona, Rod Baylo, Ver Rolleto and Valentino Dacayanan, all of Klikmart Shopping Club Corp. or Klikmart Distribution and Marketing Services while similar charges against Rona Joyce Alcantara and Mark Orpilla were dismissed for lack of probable cause.

The city prosecutor’s office also ordered the dismissal of complaints for violation of the pertinent provisions of Republic Act (RA) 8788 against all the respondents for lack of probable cause, however, it was recommended that such cases be brought to the attention of the Securities and Exchange Commission (SEC) in order for the said agency to conduct its investigation into the violation of the Securities code alleged by the complainants.

After evaluating the evidence on record, the assigned prosecutor found probable cause to charge the identified respondents for syndicated estafa.

The resolution cited the named respondents allegedly induced the 42 complainants to invest more than P7 million in their hard earned money assuring them of lucrative profits.

To be considered a syndicate, there must be at least five offenders animated by a single criminal purpose of absconding money solicited from the general public.

Agunos cited apparently, the respondents used the corporation, Kilkmart, to engage in a Ponzi scheme resulting in the degradation of its investors.

The case stemmed from the comlaints of 42 individuals who averred that on different occasions, respondents enticed them to invest in Klikmart Shopping Club Corp./ or Klikmart Distribution and Marketing Services due to the offer of guaranteed high returns on investments pegged at 33 percent within three to four weeks reckoned from the time of entry for every investment product entry.

Some of the complainants initially received their return of investments motivating them to re-invest the interest they received and to the extent of investing more. Eventually, complainants were not able to claim anymore their pay-outs promoting them to demand the return of their capital investments but such demands for ignored by the respondents.

A subpoena was issued to all the respondents, however, it could not be served because they transferred to an unknown address, thus, respondents are considered all at large.

It was learned that the respondents entertained and oriented the complainants on the mechanics and operation of their business and that they assured the complainants that they are dealing with a legitimate company because they confirmed to them that Klikmart had already complied with the legal requirements of their investment business.

During the same orientations, the complainants claimed the respondents assured them that their investments would be managed wisely and that the promised returns would be paid on time as they fall due.

The resolution cited the respondents also represented that they were investing the money in various business activities like foreign exchange, foreign exchange trading, micro-financing, and sale of their products.

Agunos stated that Valentino Dacanay, even if not an owner or incorporator, has been repeatedly implicated as the person in charge of orientation and the recruitment of investors and should also be held liable. However, Rona Joyce Alcantara and Mark Orpilla, appear to be staff and mere employees, acting under the control and supervision of their employers.

The case is expected to be raffled to the Regional Trial Court (RTC) for the subsequent issuance of the required warrants of arrest against the respondents.

By Herald Express News Team

Previous Post

Woman faces estafa charges in Baguio

Next Post

Football team files complaint against Burnham exec

Next Post

Football team files complaint against Burnham exec

ADVERTISEMENT

Recent News

UnionBank, GMG Productions bring Tony award-winning musical 

UnionBank, GMG Productions bring Tony award-winning musical 

June 19, 2025
Increased production in rice through drone use observed by Kalinga farmers 

Increased production in rice through drone use observed by Kalinga farmers 

June 19, 2025
BENECO Unveils New Mobile App for Enhanced Consumer Services

BENECO Unveils New Mobile App for Enhanced Consumer Services

June 19, 2025
DSWD-SWAD shares its core programs, services for 2025

DSWD-SWAD shares its core programs, services for 2025

June 19, 2025
ADVERTISEMENT
HERALD EXPRESS | News in Cordillera and Northern Luzon

Herald Express is a news organization based in Baguio City that has a weekly publication and an online news portal. The newspaper is circulated in the different provinces of Northern Luzon. The name of the fastest-growing publication in town is coined from the word ‘quick messenger’ which is self-explanatory.

Follow Us

Search

No Result
View All Result

© 2024 Baguio Herald Express | Website Design and Development by Neitiviti Studios

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT

Add New Playlist

No Result
View All Result
  • Headlines
  • City/Region News
    • Baguio City
    • CAR
    • Nation
  • Sectoral news
    • Elections
      • Elections – 2022
      • Elections – 2019
    • Agriculture, Fishery and Pets
    • Business & Livelihood
    • Education, Arts & Culture
    • OFW | Migration
    • Environment and Disaster Management
    • Science and Technology
    • Tourism, travel and Events
    • Other Lifestyle
    • Police Beat
  • Health
    • Covid-19 Advisory and Updates
  • Opinion
    • Editorial
    • Columns
    • Timek Ti Umili
  • Sports
  • Other sections
    • Features
    • Photos/Videos
      • Photos
      • Videos
    • Words for reflection
    • Sponsored articles
    • Jobs in Baguio
    • Elections
  • Ads & Notices
    • Obituaries
  • About Us
    • About Us
    • Directory
    • Contribute
    • Advertise
    • Cookie Policy
    • Contact Us

© 2024 Baguio Herald Express | Website Design and Development by Neitiviti Studios