Man who posed as PSE broker nabbed for P8M fraud

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.

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.”

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