How Pagadian mayor legitimized Aman scam By Ina Reformina, ABS-CBN News Posted at 12/16/2013 12:16 PM | Updated as of 12/16/2013 12:16 PM MANILA - Pagadian City Mayor Samuel Co and his wife, Priscilla, will be presented to the Iligan City Regional Trial Court (RTC) which issued the warrants for their arrest on syndicated estafa charges in connection with the reported P12-billion Aman Futures investment scam. Justice Secretary Leila De Lima said the National Bureau of Investigation (NBI) will bring the couple to the trial court for the return of the arrest orders, and it will be up to the court to decide where they shall be detained while standing trial. De Lima lauded the NBI, an attached agency of the Dept of Justice (DOJ), for arresting the couple last Saturday at Serendra, Taguig City, where they are said to have been staying. Ang info was that the couple is residing in one of the units there. So [the NBI] placed them under surveillance; nagpose pa nga sila (NBI) as buyers of a unit para maka-access sila. Nung naka-access sila doon sa Serendra, minonitor na nila, De Lima said. The couple were arrested on board their vehicle, and were brought to the NBI detention facility at the bureaus headquarters in Manila. The justice chief lauded the NBI for its accomplishment, stressing that the Cos were a high-profile fugitives from justice. Thats an accomplishment on the part of the NBI and I congratulate them for that, De Lima said. CO MADE REPRESENTATIONS ON BEHALF OF AMAN FUTURES Co was charged in court with syndicated estafa in March; Mrs. Co was charged in July. In finding probable cause against Co, the DOJ said that he awarded the firm with a temporary business permit even before it could submit all documentary requirements. The DOJ noted that Aman, in fact, never completed the submission of all requirements, including the secondary license it never obtained from the Securities and Exchange Commission (SEC). The DOJ said Co and the other accused, most of whom are officers of the firm and alleged agents, knew fully well that Aman Futures was unable to secure the proper authorization from the SEC to engage in commodity futures trading, management of funds, or investments of any other kind. The DOJ ruled that Cos entering into an agreement with Aman Futures to tax each investment made with the firm at 4% was merely intended to make it appear that the firms transactions were legal and legitimate. The couples representations on behalf of Aman Futures led investors to believe that its business was aboveboard and legitimate, the DOJ ruled. abs-cbnnews/nation/12/16/13/how-pagadian-mayor-legitimized-aman-scam
Posted on: Mon, 16 Dec 2013 06:02:33 +0000
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