The Securities and Exchange Commission said Friday it secured the conviction of investment scheme suspects involved in Tagum City-based Rigen Wellness Product Marketing.
It said Tagum City Regional Trial Court Branch 2 sentenced Rico John Colorines Garcia and King Paul Bryan, chief executive officer and auditor of Rigen Marketing, respectively, to life imprisonment after being found guilty of syndicated estafa in two criminal cases dated April 11 and May 2.
They were also ordered to pay actual damages totaling P2.01 million and moral damages amounting to P120,000, plus an interest of 6 percent per annum.
Their co-accused Rosenda Colorines Garcia, Christine Palijo, Romen Samuel Wabina and Jemeilyn Tacay remain at large.
The cases stemmed from the complaints of two individuals who were enticed to invest in Rigen Marketing, after it allegedly promised income returns of up to 400 percent within a span of 30 days. Rigen Marketing claimed that profits were generated from investments in cryptocurrency and foreign exchange trading.
“It has been held that where one states that the future profits or income of an enterprise shall be a certain sum, but he actually knows there will be none, or that they will be less than he represents, the statements constitute an actionable fraud where the hearer believes him and relies on the statement to his injury,” the court said.
