Lapid bill seeks to end fraudulent investment schemes

Senator Lito Lapid. INQUIRER.net file photo / Noy Morcoso

MANILA, Philippines —  Senator Lito Lapid is seeking to expand the scope of economic sabotage by penalizing not just only syndicates but even individuals  involved in fraudulent investment schemes.

His proposal was contained in Senate Bill No. 53, which he filed Monday.

“Nararapat lamang na siguruhin natin na matigil na ang mga ganitong pananamntala sa ating mga kababayan na gusto lamang naman kumita ng kaunti,” he said in a statement on Tuesday.

Under the existing law, however, Lapid said economic sabotage may only be committed by a group of at least five persons.

“(B)ut recent incidents suggest that such unscrupulous acts of defrauding investors may be committed by a single person,” he said.

His bill then seeks to penalize individuals “who either act by himself or in a group in carrying out investment schemes…”

“Sa panukalang ito, siguradong lahat ng mga manggagantso, mag-isa man o sindikato ay wala nang lusot at siguradong mabubulok sa kulungan,” Lapid said.

In filing the measure, the senator cited the  recently publicized scheme of a religious organization allegedly involved in a so-called Ponzi scheme or a large-scale investment scam.

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“These fraudulent schemes must end,” Lapid said in his explanatory note in the bill.

The senator stressed the need to impose a “severe punishment” on people who prey on unsuspecting investors. (Editor: Jonathan P. Vicente)