DAVAO CITY — A local court has ordered the arrest of officials of Organico Agribusiness Ventures Corp., which the Securities and Exchange Commission (SEC) earlier declared to be running an illegal investment operation.
Named in the arrest order are Cerrone Posas, president of Organico; Marve Posas, corporate finance officer; Renato Subong and Karen Maasin, members of the board of directors; Anthony Butalsac, corporate secretary; and Katherine Diao, Silverio Magbanua, and Pia Karla Libawan.
The arrest order for syndicated estafa was issued by the Davao City Regional Trial Court Branch 15 on Feb. 7 and received by the police on the 14th, according to the head of the Davao City Anti-Scam Unit, Retired Police Major Simplicio Sagarino, Jr.
Mr. Sagarino, speaking on Thursday’s I-Speak media forum, reiterated the government’s warning against illegal investment schemes and called on victims to file a complaint.
“They should come to our office so we can act on the complaint. If there are no complainants, there is no case,” he said in mixed English and Filipino.
He said all the Organico officials facing arrest remain at large.
In June last year, a team from the Criminal Investigation and Detection Group-Davao and SEC representatives served a search warrant at the Organico office in Davao City, where they seized various documents.
The SEC, in an advisory against Organico issued in May 2018, said the company was found to be soliciting funds from the public with high rates of return, supposedly to finance its farming and piggery businesses.
“They were soliciting investments for piglets… but when we went to their supposed farm, not a single structural post nor pig was there,” Mr. Sagarino said.
Other companies that have been tagged for fraudulent high yield investment schemes are: Kapa Community Ministry International, Rigen Marketing, A21 Marketing, Dreamers, Dreamzion, Diamond Essential Products, Eden Marketing, King Elise Marketing/Network Solutions, Casino Financing, Crowd Royal, Dragon One, Genesis Company, Gold Skin and Health International, JACAMA Sales and Marketing, Jogli Innovative Marketing, LSM Wellness Product Trading, Davao Ponciano Cooperative, CMPC (Credit Multipurpose Cooperative), Shoppers Circle, PEDVEL/PEDCO, Global Intergold (online), ENCO, Ever Arm Marketing, Gambaro Trading and Consultancy, JY Marketing, Lucky 9, Majestic Point Marketing, Nermie Health and Beauty Products Trading, Omega Trading, Premier Oil PLC/JMAC, Crowd Funding, Skinline, Snapcash, Sovereign Success Business Company, Tagum Pay, Triple 8 Trading, United Program, Victorious Mortuary and Allied Services, Gildash Investment, Global Fusion Network, and High Class Trading. — Maya M. Padillo