The Securities and Exchange Commission (SEC), with the help of the police, have arrested key personalities of Baguio-based Casa Infini Builders and Realty Co. Ltd. and affiliated companies.
The Presidential Anti-Organized Crime Commission, the Regional Anti-Cybercrime Unit Cordillera, the Baguio City Police and the SEC Enforcement and Investor Protection Department on June 10 served a cease and desist order against Casa Infini in Baguio City.
The arrests led to the filing of complaints against Jennylyn Galletes De Los Santos Floresca and 24 other agents, partners and employees for violation of the Securities Regulation Code and the Financial Products and Services Consumer Protection Act in relation to the Cybercrime Prevention Act of 2012.
“[Evidence] show there is reasonable ground to hold respondents Floresca, Ruhhiya Ymana, Jerick Sadernas and Jacqueline Melchor liable for violation of Sections 8, 26 and 28 of the [SRC] for offering securities without the required registration statement duly filed with and approved by the SEC, for investment fraud, and for soliciting investments without license,” according to the Baguio City Office of the City Prosecution.
The complaint include Ray Education Directions Consultancy Services, Casa Infini Realty Management Co. Ltd., Ray International Philippines Corporation, Be Unrivaled Productions, and Sine Cordillera and Casa Infini Properties and Development Corp. for unauthorized investment solicitation activities.
Floresca, earlier the subject of a SEC-issued cease and desist order for casino junket financing operations, was named as either partner or incorporator. Floresca, along with Hector Liao Pantollana, Horizon Players Club, Philippine National eSports League, and other Baguio City residents, were collectively known in social media as “Team Z”.
They were found to have enticed the public to invest in supposed real estate projects either as buyer-investor or partner financier where they promised a guaranteed interest income of 4.5 percent a month for 12 months, or 54 percent per year.
Casa Infini claimed to have persuaded more than 700 investors.
The cited entities are registered with the SEC but have never been issued a secondary license authorizing them to offer or sell investments to the public.
