CA upholds trader’s conviction for pyramid scam

MANILA, Philippines - The Court of Appeals (CA) has affirmed the conviction for estafa of a trader with alleged ties to convicted pyramiding scam queen Rosario Baladjay.

In a 22-page decision released yesterday, the CA’s special Fourth Division upheld the guilty verdict handed down by the Makati City regional trial court (RTC) on the P100-million estafa charges against Iris Aquino, executive of Everflow Group of Companies and Crisis Solutions Inc.

The CA, however, modified the prison term of over 100 years imposed by the RTC to a maximum of 20 years.

Aquino was found guilty of 468 counts of estafa, but the CA held that the imposition of over 100 years was wrong since “the law provides that the total penalty which may be imposed should not exceed 20 years,” according to the ruling penned by Associate Justice Amelita Tolentino.

The CA noted that based on the evidence, Aquino “deliberately and fraudulently” solicited investments from the general public by promising that their money would earn a high interest rate within days.

She swindled a total of P76.62 million and $526,026 from her victims.