DOJ orders filing of syndicated estafa case vs Pagadian City mayor, Amalilio

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MANILA, Philippines—The Department of Justice ordered the filing of syndicated estafa case against Pagadian City Mayor Samuel Co and several others including Aman Futures founder Manuel Amalilio in connection with one of the country’s biggest pyramiding scheme.

Amalilio’s wife Abigail Pendulas, Aman Futures executives Fernando Luna, Lelian Lim Gan, Eduard Lim, Wilanie Fuentes, Naezelle Rodriguez and Lurix Lopez are also facing syndicated estafa.

The case stemmed from the complaint filed by Julius Labunog who alleged that his group was defrauded of P29.63 million.

Based on the resolution, the DOJ panel said the respondents were fully aware that Aman futures was unable to secure the proper authorization from the Securities and Exchange Commission to engage in commodity futures trading, management of funds, or investments of any other kind.

The DOJ also noted that Co awarded Aman Futures with a temporary business permit even before the firm submitted all the documentary requirements needed by the local govt. The DOJ also ruled that Aman, in fact, never completed the submission of all documents it had promised to submit, including the secondary license it never obtained from the SEC.

“The positive assertion of complainant cannot overcome mere denial by respondent Co in light of the damage caused by the Aman Futures group. Co and Aman Futures Trading entered into an agreement whereby each investment in Aman will be taxed by the City of Pagadian at 4% making it appear to the public that Aman was a legitimate business,” the panel said.

Regarding Co, the panel said his act of entering into an agreement with Aman Futures to tax each investment at 4% was merely intended to make it appear that the firm’s transactions were legitimate and that Aman Futures was engaged in legitimate business.

The DOJ said that because of the acts of the mayor, investors relied on his representations on behalf of Aman Futures and led them to believe that the firm’s business was legitimate.

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  • malek_abdul

    Ang tagal….dapat noon pa kinasuhan si Mayor Co. Kaya nga maraming na-scam si Amalilio dahil sa representation ni Co. Kunwari nag-invest din siya para mas marami ang madenggoy nila ni Aman at pagkatapos sasabihin niya pati siya “biktima” din. PALUSOT lang yun. Ang totoo nagkamal siya ng maraming pera para may magamit siya sa sunod na eleksyon.

    • ApoLapullapu

      The charge against Sammy Co is based on presumptions – not evidence.  Anyway, let’s wait for the result of the Preliminary Investigation.

      • http://www.facebook.com/red.villa.79 Red Villa

         tapos na ang preli investigation. warrant of arrest ang dapat mo antayin apo.

    • http://www.facebook.com/red.villa.79 Red Villa

       tuso man ang insik…este matsing huli rin

  • http://pulse.yahoo.com/_ZWTTKJTI57YO7TZBJC66GA2OLU dennis

    “The Department of Justice ordered the filing of syndicated estafa case against Pagadian City Mayor Samuel Co and several others including Aman Futures founder Manuel Amalilio in connection with one of the country’s biggest pyramiding scheme.”
    The decision was correct! Lawful at dapat lang.

  • dikoy321

    Good job DOJ & Sec De Lima !

    Put to JAIL all those involved, NO FEAR NOR FAVOR !

    Forward Philippines !!!

  • ApoLapullapu

    There is apparently a big politician in Zamboanga del Sur who is after the neck of Sammy Co.  Sammy is now running under the Liberal Party and in that province, the LP is the opposition.

  • disqus_EWrSdjV1nv

    and malaysia wont give amalilio.

    stupid. just send all mnlf and milf and npa, abu etc there and let them keep them.

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