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LAW 411
Atty. Oliver Saniel
CASE No.4:
incident to its operation, such profits are not to be distributed among its
members but must be used for the furtherance of its purposes (R.A. 68,
Title 11, Section 87).
3) Investment scheme
The foundations investment scheme constitutes some form of swindling
or Ponzi scheme practiced at a wide scale. As previously cited,
characteristics in which is described to be:
a) An investment swindle in which high profits are promised from
fictitious sources and early investors are paid off with fund raised
from later ones.
As the foundation assured its would-be depositors that their money would
either be doubled after 21 days or tripled after 30 days (see attached
case, noted as (I)).
of operations whereas certain obligations are not met and its investors are
bewildered and left to as how to recover their lost investments. In this
case, noted as (F) in the respective attached case denotes that
depositors began to demand reimbursement of their deposits, but the
foundation was unable to deliver.
7) Comprised as a syndicate
One of the characteristics of a basic Ponzi scheme comprises of a
syndicate as similarly described by the complainants in this case and
within the jurisdiction of this Honorable Court, the said accused
conspiring and confederating with one another and operating as a
syndicate, (see attached case, noted as (H)).
BENTILLO [CASE No.4: PEOPLE OF THE PHILIPPINES vs. PRISCILLA BALASA, et. al]