TWO people are facing criminal charges in court for allegedly duping a mother and her daughter into a non-existing investment scheme in 2014.
Prosecutor Mario Ley Gidayawan found evidence to charge Lawrence Co Lim and Joey Garabiles with estafa for luring Phyllis May Ponferrada and her mother, Dr. Marisita, to invest in their bogus company and running away with P439,500 of their money.
“Had it not been for the false representation, the complainant would not have parted with her money,” said Gidayawan in his resolution.
The case stemmed from the complaint filed by the Ponferradas, who accused Lim and Garabiles of estafa before the City Prosecutor’s Office.
In her affidavit, Phyllis Mae said that Lim convinced her to invest in Primehill Investment Services, Ltd. through Mega Trade BC Services.
Lim promised Phyllis Mae that her investment would double within months, telling her that a lot of people have invested and became rich in so short time. The accused assured that their company is a “high-yield investment company.”
Convinced, Phyllis encouraged her mother to join her and they invested a total of P439,500 on various dates in 2014.
Lim did not issue them official receipts and that the latter just promised to issue them later.
Lim told Phyllis Mae to wait for a few months for her investments to earn a profit. The accused also hired the complainant to work for him so she could monitor her investment.
When Phyllis Mae asked Lim to withdraw her investment and profit, Lim, however, told her she lost her investment due to the “fluctuating market trends.”
Lim told the complainant that she could recover her money only by putting another investment. Phyllis Mae and her mother later went to Lim’s office, but the accused went on absence without official leave.
The complainants secured a certification from the Securities and Exchange Commission that Primehill Investment Services, Inc. and MegaTrade BC Services have no licenses to act as investment house, underwriter of securities, investment company, or broker dealer in government securities.