Suspects in $301 million casino junket financing scam charged with estafa in PH

A number of people are formally accused by the Baguio City Prosecutor’s Office in the Philippines of syndicated estafa for participating in a comprehensive fraudulent operation.

Trial dates have been set for Hector Pantollana, the putative chairman of Horizon Players Club, and fifteen other individuals, among them Hazen Humilde, the head of the organization’s branch in Baguio and the Cordillera region.

This lawsuit is in response to allegations that around 10,000 investors in the Cordillera and neighboring areas were defrauded of at least PHP4 billion ($71 million).

After many investors filed complaints with the National Bureau of Investigation-Cordillera Administrative Region (NBI-CAR) last year, Pantollana and his associates were charged with financial fraud. It is alleged that via a financing arrangement for casino junkets, investors were guaranteed monthly profits on their investment.

Allegations have been made against Pantollana, his brother Hubert Amiel, the Humilde twins, Mikaela Damasco Ty-Choi, Virginio Martin Casupanan, and other prominent figures for allegedly scamming investors by making extravagant promises of earnings as high as 5% per month. These promises, it is said, were broken, which led to a surge in complaints and ultimately legal action.

The Securities and Exchange Commission (SEC) issued a Cease-and-Desist Order (CDO) against Pantollana and Humilde’s activities, but reports suggest that the illegal operations persisted, allegedly stealing P17 billion ($301 million) in investments from across the nation, including contributions from Filipino expatriates.

Pantollana and his legal representative have vehemently refuted the accusations, saying that there is insufficient evidence to support them and that investors were fully informed about their dealings. Humilde and his backers have also responded to the accusations with statements disputing their veracity and lack of supporting evidence.

Original story by: Asia Gaming Brief