Francswiss officials indicted for estafa

CEBU - The chief financial adviser of an alleged Singapore-based company engaged in a pyramiding scam in the country that victimized several Filipinos, including some movie personalities, has been indicted for estafa before the Regional Trial Court in Cebu City.

Cebu City Prosecutor Nicolas Sellon filed the case yesterday against Eleasar “Ely” Castillo and his alleged accomplice Edwin Saldaña.

The prosecutor’s office found probable cause to hold Castillo and Saldaña for trial because of the criminal complaint for estafa filed by two of their alleged victims in Cebu City.

Lourdes Quinain and Florentino Garcia said they invested several thousand dollars with Francswiss last year because of alleged fraudulent representations of the accused.

Quinain said she invested $11,000 with Francswiss last year after attending the investor’s forum conducted by the two accused at the Waterfront Hotel in Lahug on May 27, 2007.

Garcia on the other hand said that he also made a total investment of $8,000.

The complainants said that they heard of a high-yield investment scheme from friends that made them interested. Quinain said her friend Marina Abadies invited her to attend the seminar while Garcia said it was also his friend Andrew Alda who invited him to attend.

The two were told their minimum investment of $1,000 would earn an interest of 4.5 percent.

During the seminar, Castillo introduced himself as the chief financial adviser of the owners of Francswiss in Singapore and he allegedly introduced the system to the Philippines.

Quinain said that Castillo used a powerpoint presentation on how to log in to the Francswiss website to view the daily interest of their investment. At first she was able to view her account and the points she allegedly accumulated.

Quinain said that this convinced her that the company was legitimate. However, in the middle of June 2007, she discovered that the daily interest of her money was no longer reflected in her savings account.

She could also no longer access the Francswiss website neither could open their virtual office, where their supposed interest of their investment was reflected.

However, Castillo denied the charges in his counter-affidavit and claimed that he too, as an investor, was a victim of the scam.

But the prosecutor said Castillo’s admission that he was one of the speakers, who conducted a seminar that enticed people to invest in the scheme, is enough basis to hold him for trial.

The prosecutor’s office has recommended P40,000 bail for each of the accused.

Among those who were victimized are movie stars Claudine Barretto and her husband Raymart Santiago.

Professional basketball player Bonel Balingit was also among the complainants who earlier sought the assistance of the National Bureau of Investigation in Central Visayas. — Fred P. Languido/BRP (THE FREEMAN)