Real estate firm Casa Inifini claimed victory in its legal battle against the Security Exchange Commission (SEC) Friday, two days after the Baguio City Prosecutor dismissed cases filed against it when its chief executive officer and 23 of her colleagues were arrested on June 10 for allegedly selling securities sans government sanctions.
In a 55-page resolution last July 19, associate city prosecutor Arlene Valerie Cacho – Spadaro and affirmed by City Prosecutor Conrado Catral, Jr., dismissed the complaint filed by SEC for the violations of several sections of the financial products and services consumer protection act of 2022 in relation to section 6 of Cybercrime Prevention Act.
Cacho – Spadaro, ruled that “evidence presented is insufficient to charge the respondents,…”
Jennelyn Floresca, CEO of the firm, Jovielyn Mina, Eric Pineda, Jacqueline Melchor, Jerich Sadernas, Ruhhiyah Ymana and Elmer Diga and 17 others were arrested during an entrapment by SEC officials at a local hotel where a supposed security selling activity was being undertaken.
The prosecutor’s office though noted that SEC was only to serve a Cease-and-Desist-Order (CDO) against the real estate firm but instead conducted an entrapment operation.
An emotional Floresca during Friday’s press conference at the Vera Hills Transient Home said she had been “emotionally stressed” for the 49 hours she was detained and which was compounded by the “public trial” that ensued damaging the name of her company.
She said that they now have problems with the new bank where they opened accounts, the same for those who came in association with them.
But with the dismissal of the cases against them, Floresca, aided by a battery of topnotch Manila and Baguio lawyers, is thinking of filing criminal, administrative and civil suits against their “tormentors” including the SEC officials, policemen from the Regional Anti-Cybercrime Unit (RACU) and operatives from the Presidential Anti-organized Crime Commission (PAOCC).
After the dismissal of the cases, Floresca said that they will soon open several of their “altruistic” projects among which are the groundbreaking ceremonies for four villas at Outlook Drive on July 28, the turn over ceremonies for their Alapang, La Trinidad project on July 25, the groundbreaking of the Saleng condominiums at Gibraltar before the end of the year.
On top of these, they are looking forward to stage a Mr. Benguet pageant-like event during the firm’s 11th year on August 18 at the Baguio Convention and Cultural Center and their 11th year anniversary celebration on August 25.
