Former PSE employee denies duping investors

A former Philippine Stock Exchange (PSE) employee who allegedly duped investors for over P300 million appeared before the Department of Justice (DOJ) and denied  allegations of swindling filed against him and his brother.

Jose Cecilio Peñaflor, former PSE assistant head of market education, and his brother Angel personally appeared before the DOJ and submitted their separate counter-affidavits denying the allegations of Joyce Marie L. Jao.

The case at the DOJ involves P10-million worth of investment and earnings of Jao.

Jao has invested P4-million and ballooned to P10-million because of interest earnings.

Peñaflor was arrested in an entrapment operation by members of the National Bureau of Investigation-Anti Organized and Transnational Crime Division (NBI-AOTCD) last Feb. 16 after he asked for an additional P500,000 from Jao.

Jao said she had an exchange of text messages with  Peñaflor and she opened an account with Regina Capital to which Peñaflor’s CAP-M Consultancy Company is connected. Jao said she opened the account to be able to purchase additional high-yielding stocks.

But the DOJ said the NBI failed to attach the documents mentioned by Jao in her affidavit.

Assistant State Prosecutor Rodan Parrocha said complainant was ordered to submit a reply affidavit last March 17.

Peñaflor allegedly amassed more than P300-million from various investors. Separate complaints were filed before the Quezon City Prosecutors Office and the NBI.