Teacher nabbed over fake SM investment scheme

By Tina Santos
Philippine Daily Inquirer
First Posted 00:16:00 05/10/2009

Filed Under: Crime


THE NATIONAL Bureau of Investigation filed charges on Friday against a public school teacher who allegedly lured several people, including fellow teachers, into a fraudulent investment scheme.
Charged with syndicated estafa in the Manila prosecutor’s office was Marites Francisco, a teacher at Malabon National High School and resident of Concepcion, Malabon City.
Francisco was arrested by NBI agents in an entrapment operation and is detained at the bureau jail.
Angelito Magno, NBI Special Action Unit chief, said that sometime in 2005, Francisco convinced the complainants to join an investment scheme that involved the selling of SM gift certificates.
Francisco allegedly claimed she was connected with SM as a sales agent. She promised the complainants a 10-percent monthly profit on their investment payable every 15th and 30th of the month, the NBI said.
SM management, meanwhile, has issued a statement saying Francisco was not in any way connected with them or their affiliates.
One of the complainants, Reynaldo Corvera, also a teacher, told the NBI that from December 2005 to April 2007, the investors received their money from the suspect.
But starting In May 2007, he said Francisco failed to pay them, saying she had no more money to give.
In November 2007, the suspect reportedly took a leave of absence from her teaching job and has not reported back since.
Corvera said he and about 12 other complainants invested amounts ranging from P5,000 to P1 million.
The NBI said they expected more victims to surface.
Corvera said the victims sought NBI assistance after Francisco failed to return their investments despite repeated demands.
Last month, the suspect contacted Corvera and the other complainants again offering them another investment opportunity. This gave the NBI a chance to set up an entrapment operation.
Francisco was arrested as soon as she received the marked money from the complainants.