30 solons victims of ‘pyramiding’ scam

At least 30 congressmen and scores of congressional wives have fallen victim to companies engaged in the so-called pyramiding operation, House sources revealed yesterday.

The scam has prompted Representatives Juan Miguel Zubiri (Lakas, Bukidnon) and Mayo Almario (Lakas, Davao Oriental) to ask the House economic affairs committee to look into the matter.

The committee, which is chaired by Rep. Oscar Moreno (Lakas, Misamis Oriental), will begin its inquiry next week.

Based on reports of the National Bureau of Investigation and the Securities and Exchange Commission, Zubiri said pyramiding companies masquerading as legitimate investment houses have gypped at least two million Filipinos of as much as P70 billion.

Zubiri said the scam has the proportion of economic sabotage, a crime punishable by death.

He said in Romania, the government once collapsed because half of the nation’s population had been victimized by pyramiding operators.

He said he received information that some of his colleagues were among the victims but refused to identify them.

So far, only one lawmaker-victim, Deputy Speaker Gerry Salapuddin, had the courage and honesty to admit that he was gypped of some $100,000 by a Malaysian he identified as Tham Fook Chong, alias Rey Tham. – Jess