Court orders arrest of 18 behind ALAMCCO pyramid scheme
Local News • 17:00 PM Sun Feb 23, 2020
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By:
John M. Unson
GENERAL SANTOS CITY --- A court has ordered the arrest of 18 operators of a pyramiding money market scheme using the Alabel-Maasim Credit Cooperative as front.
The Regional Trial Court Branch 46 in Alabel town in Sarangani issued last week yet the warrant for their arrest for syndicated estafa but copies were obtained by media outfits in central Mindanao only on Saturday.
Respondents Jerson Cagang, Conrado Mancao, Tirso Cereno, Juanito Jhon Castillo, Benigno Cereno, Albert Cagang, Fe Cagang, Ailene Mancao, Roshine Cereno, Jason Baybay, Liezel Vilan, Ivy Caparos, Calixto Bana-ay, Marlyn Tulio, Diana Ferry Sope, Anni Joy Dela Cruz, Marlon Marvin Lim and Eustaquio Hocson, were behind the operation of the now moribund ALAMCCO investment outfit.
Radio stations in Region 12 on Sunday reported that copies of the warrant for their arrest had been distributed to police units in central Mindanao and in the Bangsamoro provinces.
The 18 respondents were prosecuted based on complaints about their non fulfillment of a 35 percent periodic cash payout as incentives for the money that investors entrusted believing there was quick return of investment from such venture.
The ALAMCCO closed down just after President Rodrigo Duterte shut last year the controversial Kappa investment firm of radio station technician-turned Christian preacher Joel Apolinario.
Thousands of ALAMCCO investors have since been clamoring for the return of the principal sums they invested into the cooperative.