AN OFFICER of DW Capital Inc. (DWCI), a stock brokerage firm, was arrested by members of Interpol, or the International Criminal Police Organization, in coordination with the National Bureau of Investigation (NBI) for charges of syndicated estafa.
Edgar Gica, counsel of Valerie Gaisano-Sebastian, one of the daughters of business tycoon Edmund Gaisano Sr., and her mother Judy identified the suspect as Davidson Wong. Wong was caught in Madrid, Spain early last week.
“He’s one of the major officers and stockholders of DW Capital and served as the treasurer,” Gica told SunStar Cebu.
The charge of syndicated estafa stemmed from the alleged unauthorized trading of the P24,360,000 investment of Gaisano-Sebastian.
Davidson’s brother Derwin, who was arrested in Manila on April 11, 2019, posted bail of P800,000. Derwin was married to Eda Frances Gaisano, Gaisano-Sebastian’s sister.
“We have a motion for reconsideration that we filed with Branch 5 of the Regional Trial Court (RTC) in Cebu City asking for the reconsideration and setting aside of the resolution granting bail to Derwin because the order of granting bail is on a non-bailable offense. We charged him with conspiracy. The act of one is the act of all,” Gica said.
The lawyer argued Derwin should not have been allowed to post bail since syndicated estafa is a non-bailable offense.
In a statement, Erika-Anne Therese de la Cerna, Davidson’s counsel, said they will continue to represent him in court.
“With reference to the arrest and extradition of our client Davidson Wong in the syndicated estafa case now pending before RTC 5, we shall endeavor to afford him the best defense possible following the judicial processes and procedures, which resulted in the release on bail of his brother Derwin Wong upon the court’s approval of his petition for bail last year,” the statement read.
Cebu RTC Branch 7 Judge James Stewart Himalaloan issued the warrants of arrest for nine other accomplices who remain fugitives, including Wong Chung Yin, also known as David Wong (DWCI chief financial officer), Derick Wong (DWCI vice president and director), Dianne Wong (DWCI vice president for sales), Lucy Chua (DWCI assistant manager and corporate secretary), Juvy Ting (DWCI independent director), Susan Lu, Beverly Ansay and Leonardo Marzan. Four other John Does have yet to be identified.
In 2017, the Philippine Stock Exchange suspended the trading activities of DWCI over alleged violations, including unauthorized selling and transfer of stocks resulting in more than P2 billion in losses to complainants. (JOB)