Brains behind P8-B investment scam now in Tagum to face raps | Inquirer News

Brains behind P8-B investment scam now in Tagum to face raps

/ 10:27 PM October 23, 2020

DAVAO CITY—The alleged mastermind of Rigen Marketing, which authorities said used a Ponzi, or pyramid, scheme to amass up to P8 billion from victims in the Davao Region, is now in Tagum City to face multiple criminal charges arising from the investment scam.

The regional office of the National Bureau of Investment (NBI) confirmed that Rico John Garcia was brought to Tagum on Thursday (Oct. 22) following his arrest in Paranaque City last March.

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The NBI said the onset of the COVID-19 pandemic had delayed Garcia’s transfer to Tagum to face the charges levelled against him and Rigen Marketing.

Four counts of syndicated estafa had been filed against Garcia at the Tagum City Regional Trial Court (RTC).

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The NBI said Garcia will be presented to the Tagum City RTC on Monday (Oct. 26).

Rigen had been offering a 400-percent return on investments, luring thousands of small investors and allegedly amassing up to P8 billion.

Another Rigen executive, Paul Auditor, was arrested in Metro Manila in October 2019. The Tagum RTC allowed him to post bail last February.

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TAGS: Investment, mastermind, Police, Ponzi, pyramid, Regions, Rigen Marketing, Scam, Tagum City
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