Close  

Man who posed as PSE broker nabbed for P8M fraud

/ 08:34 AM November 25, 2016
INQUIRER FILE PHOTO

INQUIRER FILE PHOTO

MANILA — A former employee of the Philippine Stock Exchange was arrested for defrauding an investor of P8 million by misrepresenting himself as a legitimate broker for the PSE.

NBI identified the suspect as Jose Cecilio Peñaflor, or Jay to those who know him. He was arrested in Quezon City last Wednesday based on a complaint of  Joyce Marie Jao.

ADVERTISEMENT

Jao said Peñaflor introduced himself as a broker associated with PSE and three other companies.

NBI checked with PSE but “the regulator stressed he is not registered with the commission.”

FEATURED STORIES

In her complaint, Jao said the suspect “enticed” her to buy stocks of a television company. She invested P8 million in different tranches and was “guaranteed considerable amount of profit.”

“However, when Jao tried to redeem the same, Peñaflor failed to deliver the entire amount,” the NBI said.

Instead, Peñaflor egged her to invest P500,000 more. A case was filed against him in an entrapment operation in February. He posted bail for multiple criminal complaints including estafa.

An arrest warrant, which was later issued, was used to arrest him last Wednesday. He will be turned over to a proper court, which will issue a commitment order telling NBI where to detain him next.  SFM/rga

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: arrest, Crime, crime suspect, crime victim, Estafa, financial fraud, fraud, Jose Cecilio Peñaflor, Joyce Marie Jao, law enforcement, misrepresentation, Philippine Stock Exchange, qualified theft, stocks, television
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.