Estafa post dating check
Republic of the Philippines SUPREME COURT, Manila THIRD DIVISION G. Enticed with the prospective returns, Rolando invested the amount of Php100,000.00 in Multitel and received monthly interest payments, as promised. When Rolando took to the stand, he narrated that sometime in February 2001, his neighbor told him about Multitel, a company which allegedly pays its investors an interest income of at least five percent (5%) per month.
This impelled Estella to call Carmencita, who told her that she had to wait before she could get her income for the month.
In her account of the events, Estella claimed that she was advised by Carmencita Chan (Carmencita), a Multitel counselor, to invest in the company through the One Heart Multi-Purpose Cooperative (One Heart).
As Carmencita explained to her, One Heart was an agent of Multitel, which could receive investments in the latter’s behalf.
Nevertheless, despite Gladina’s assurance, Multitel defaulted. Rolando then conducted his own investigation on the matter and found out that Multitel was not issued a secondary license by the Securities and Exchange Commission (SEC) to deal in securities and solicit investments from the general public.
In fact, per an SEC Advisory, the company and its conduits were not duly registered and had no juridical personality and authority to engage in any activity, let alone investment-taking.