A couple of cryptocurrency marketers are going to prison for life for soliciting investments from unwitting investors without a license from the Securities and Exchange Commission (SEC).
The Regional Trial Court of Tagum City in Davao del Norte has found the officers of Rigen Wellness Product Marketing guilty of unauthorized investment-taking activities and sentenced to life in prison for syndicated estafa.
Convicted were Rico John Colorines Garcia and King Paul Bryan, CEO and auditor of Rigen Marketing, respectively, for the crime of syndicated estafa in two criminal cases arising from earlier filings at the Securities and Exchange Commission.
Aside from life imprisonment and payment of actual damages of P2.01 million, the duo were made to pay moral damages of another P120,000, plus a 6-percent interest.
Four of their co-accused, namely Rosenda Colorines Garcia, Christine Palijo, Romen Samuel Wabina and Jemeilyn Tacay, have eluded capture and remain at large.
The marketing officials allegedly promised investment returns of up to 400 percent in only 30 days from cryptocurrency and foreign exchange trades and on this basis enticed their victims to part with their money.
The court noted Rigen Marketing employed fraud when its officers pretended to have the authority to solicit investments from the general public when they did not have the authority.
Four years earlier the SEC issued a cease and desist order directing the group to stop engaging in investment solicitation activities without the necessary license from the SEC.
