• 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

Woman faces estafa charges in Baguio

Herald Express News Team by Herald Express News Team
April 5, 2016
in CAR
25
0
8
SHARES
139
VIEWS
Share on FacebookShare on Twitter

BAGUIO CITY  – The city prosecutor’s office recommended the filing of estafa charges against a businesswoman after she allegedly divested from three individuals over P2 million in their hard earned money when it determined probable cause in the said case.

In a 5-page resolution penned by Deputy City Prosecutor Conrado V. Catral, Jr., the estafa charges were filed against Joy Vera Ban-eg while similar charges against Karen Puguon were dismissed for lack of probable cause.

The resolution stated that Ban-eg’s non-submission of the required controverting evidence had worked against her favour, as the evidence against her remains unrefuted and after an assiduous examination of the allegations of the complainants, as well as the documentary evidence that they had adduced against her, there was probable cause against her for estafa.

Catral cited that what transpired in the case was a classic Ponzi scheme, as thus illustrated by the Supreme Court in the case of People versus Balansa, and what was evident was that what they offered was a Ponzi scheme or an investment program that offers impossibly high returns in pays these returns to early investors out of the capital contributed by later investors.

However, the resolution cited that the Ponzi scheme works only as long as there is an ever increasing number of new investors joining the scheme.

“There is no other way than to construe the evidence adduced against respondent Ban-eg as estafa under the provisions of Article 315, 2(a), as she had made representations that she had qualifications in business via an investment scheme where the complainants money or investments would double in two to three months time, which turned to be a ficticious investment, and a pure misrepresentation, as Abundance is not even registered with the SEC as an investment house, and as she failed to comly with her promises to the complainants when she did not return their investments, or give their promised payouts, which was the deception that was effected upon them, and which caused their damage and prejduce,” Catral stated.

Unlike Ban-eg, however, the resolution found that respondent Puguon actually was working for Ban-eg on a commission basis and that her services was precisely commissioned by Ban-eg only for the sole purpose of Puguon accomdating Ban-eg client’s for the simple reason that Puguon’s office at the BARP was accessible to Ban-eg’s clients but how Abundance operated was plain and simply Ban-eg’s ruse, for which reason, she ought to be solely responsible.

The resolution added Ban-eg orchestrated the operation of Abundance, in Pugon was a mere employee, a pawn, whom Ban-eg used in her malevolent designs, thus, there is a lack of probable cause to indict Puuon as a co-respondent of Ban-eg.

The case stemmed from the complaints filed by Darwin del Rosario, Pauline Sumeg-ang and Abigail Sumeg-ang Changat who alleged that Ban-eg divested from them a total of P2 million with a promised high return of interests that turned out to be false in the end.

It was learned that Puguon introduced to the complainants the operation of Abundance International, an alleged investment firm, which doubled any investment in three months and they were informed that the firm was also engaged in foreign exchange.

Convincded by the proposal, together with several others, the complainants attended a seminar where, again, Ban-eg and Puguon explained why foreign exchange trading was a veritable gold mine in investments. To prove their point in convincing the complainants, Ban-eg even presented to complainant’s an investment account of her son with Metrobank where she allegedly places her son’s investments.

The complaints were able to place a total investment of more than P2 million to the company and they were then issued checks corresponding to their investments and the supposed interests.

The checks were allegedly drawn from Ban-eg’s account, under her married name, Vera Joy B. Bungayon but the complainants were not able to present such checks at the bank on their due dates upon Ban-eg’s representations that the money was ready and will be given them by November 2015. Instead, the checks were reportedly replaced to other dates in November 2015.

By August or September, however, Ban-eg claimed that her son had dengue and she likewise fell ill to the said disease, thus, the complainants never proceeded to the bank to have their checks encashed out of compassion for Ban-eg’s plight.

When the checks becaome due in November 2015, complainants went to the bank to encash the checks, but the same were dishonoured for having been drawn against a closed account. Despite written and verbal notices and demand for a return of their investments, the same proved futile.

Of the two respondents, only Puguon complied with the prosecutor’s directive to file their respective counter-affidavits. The cases against Ban-eg will therefore be resolved on the basis of the evidence on record.

As per the rules, Ban-eg’s failure to submit controverting evidence despite the opportunity to do so is deemed a waiver on her part to do so.

By Herald Express News Team

Previous Post

Implementation of public works projects slammed

Next Post

11 charged for syndicated estafa in Baguio

Next Post

11 charged for syndicated estafa in Baguio

ADVERTISEMENT

Recent News

Senate approves 25-year BENECO franchise anew

BENECO distributes earnings of collected share capital to members

June 20, 2025
Apayao sets plans for World Chocolate Day

Apayao sets plans for World Chocolate Day

June 20, 2025
14th RCDG coordinates upcoming activity with MP 

14th RCDG coordinates upcoming activity with MP 

June 20, 2025
CIAC inks MOU with sustainable river park developer

CIAC inks MOU with sustainable river park developer

June 20, 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