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SEC files fraud raps vs Aman top execs

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MANILA, Philippines—Aside from the numerous syndicated estafa charges they are facing, the top officials of Aman Futures have been slapped with complaints by the Securities and Exchange Commission (SEC) for engaging in fraudulent transactions and operating without the proper registration.

The Aman executives were charged in the Department of Justice (DOJ) with violating Sections 8 and 26 of Republic Act No. 8799, the Securities Regulation Code.

This as another syndicated estafa complaint was lodged against Pagadian City Mayor Samuel Co, his wife and 16 others also in the DOJ, this time by 22 complainants in connection with their alleged involvement in the investment scam perpetrated by Aman Futures.

The SEC complaint was against Aman Futures Group Philippine Inc., Manuel Amalilio and six members of its board of directors for being behind a massive investment scam that duped 15,000 people out of P12 billion.

Aside from Aman Futures and Amalilio, also charged were Fernando Luna, the former janitor and driver turned manager of Aman, Leilan Gan Lim, Eduard Lim, Naezelle Rodriguez, Wilanie Fuentes and Lurix Lopez.

Registration required

Section 8 of RA 8799 provides that securities shall not be sold or offered for sale or distribution within the country without a registration duly filed and approved by the SEC.

Section 26 says that it is “unlawful for any person, directly or indirectly, in connection with the purchase or sale of any securities to employ any device, scheme or artifice to defraud, obtain money or property by means of any untrue statement of material fact… and engage in any act, transaction, practice or course of business which operates or would operate as a fraud or deceit upon any person.”

The National Bureau of Investigation (NBI), meanwhile, filed Thursday a second complaint against Co, his wife Priscilla Ann Fernandez Co, Gan, Lim, Fuentes, Rodriguez, Lopez, Isagani Laluna, Abigail Pendulas, Paige Yabanez Madarang, Cheryll Mayoll Casinillo, Nimfa Caballero Luna (Luna’s wife), Dhurwin Weceslao, Haidee Alfanta, Cecille Abarquez and several John and Jane Does.

Amalilio and Luna are in hiding while the five directors are in the custody of the NBI after they surrendered last weekend.

The new complaint was filed by 22 persons, some of them agents of the investment firm.

In a related development, four companies allegedly engaged in a multimillion-peso Ponzi scheme have shown up on the police radar after some people complained about the investment firms, the Criminal Investigation and Detection Group (CIDG) said Thursday.

In an interview, Superintendent Benjamin Acorda Jr., chief of the CIDG’s Anti-Fraud and Commercial Crimes Division, said officials of the companies had been able to entice investors by promising them instant cash incentives and quick returns on their investment.—With a report from Marlon Ramos


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Tags: Aman Futures , Business , Crime and Law and Justice , fraud , Philippines , Securities and Exchange Commission , syndicated estafa

  • justice_league03

    too little too late! the mastermind of it all has already escaped by leaving the country. and the victims can not recover their money anymore. if only the DOJ acted early on this and did not just do a simple warning, they couldve prevented this scam and busted it from hitting the jackpot!

  • http://profile.yahoo.com/AUNBI66J3EGEPMV5LFCN53OUGI JEO

    Prosecute them right away! the mayor in Pagadian City must be suspended right away too pending investigations!

    We need action and results for us to see our country is really moving towards progress!

  • http://profile.yahoo.com/V4RLVBEQQ4253YQPA33XNWUOOU Will

    Why are you using the logo of the U.S. SEC for this news article? 

    • https://openid.aol.com/dawn.dare Dawn

      Not everyone in this publishing company is as smart as its readers.

  • EdgarEdgar

    Too late the hero. This is what happens when regulators fail to regulate. Or when regulators are in bed with the perpetrators. 

  • http://profile.yahoo.com/MLD4OKCRPD4PLQOEWMYBRELWG4 Cola

    SEC is actually one of the CULPRITS here.  At the onset, SEC knew of the nature of operations of Aman Futures through its incorporation papers.  Thereafter, the manner by which Aman operated was not a secret.  Even the SEC was a witness to the operations, or, does the SEC say, it did not know or notice.  Then we have a useless SEC.  The problem with SEC and the other agencies in Government is that they lack pro-active attitude.  They do not act on their own but only wait for Complainants to come to their doors.  By then, it would be too late.  This is what happened to Aman Futures.  Because nobody came forth to complain, SEC never lifted a finger.  If you ask them why it is only now that they are acting, their answer will be, WALA PO KASI NAG-COMPLAIN eh.  So, that is it.  Lusot sila.  They are liable for GROSS NEGLECT OF DUTY or GROSS INCOMPETENCE.  Well, because there is no administrative offense of CALLOUSNESS.

    • http://profile.yahoo.com/AUNBI66J3EGEPMV5LFCN53OUGI JEO

      What are you talking Cola? You cannot blame the SEC directly! yes Aman is registered in SEC but for the diffirent products not soliciting money from investors for securities investment! The problem here is how inefficient our government in protecting our people and prosecution or justice on our country is way below reality!

    • http://www.facebook.com/felixtgomezjr FelixTeves MagallanesPilapil G

      so true. This AMAN thing has been operating under their noses and yet nag wait pa sila ng complain? Comment ko na noon pa man sa una na bakit walang ginawa ang SEC. Or baka hmmmm..

  • speedstream2

    Better late than never?

  • http://profile.yahoo.com/FFSZ7TIZZG47FYQFAZFIGYXKPM Pers

    NO POLITICAL LEADERS  TRIED TO STOP, NO NBI PERSONNEL TRIED TO STOP OR COMPLAINT THE AMMAN OPERATION.ALL POLITICAL LEADERS WERE AFRAID TO STOP THE OPERATION BECAUSE THEY ARE AFRAID THAT THIS COMING ELECTION PEOPLE WILL NOT VOTE THEM IF THEY COMPLAINT THE AMMAN SO PAGADIAN AND ZAMBOANGA DEL SUR WANTED TRUE LEADER.

    • http://profile.yahoo.com/AUNBI66J3EGEPMV5LFCN53OUGI JEO

      It’s time for Pagadian and Zamboanga to find a true leader that can provide them jobs!

  • MonMayuga

    Mabuti nga. Mayor pa naman itong  is Samuel Co, tapos niloloko pala niya ang kayang mga mamamayan at kababayan. Dapat ay mahatulan ng perpetual disqualification sa pamahalaan ang taong ito at lahat ng mga may kinalaman sa pandarambong na ito.



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