Ponzi scheme is a shady investing scam that promises high rates of
return. It generates returns for older investors by acquiring new investors and
is similar to pyramiding scheme in that both are based on using new investors'
funds to pay the earlier backers.
Victims who appeared before the PNP headquarters said primary suspect,
Margarita Huang, victimized aged retirees and desperate persons seeking to
double funds earmarked for their chemotherapy sessions.
Huang required an initial investment of no less than PHP250,000 from
her victims and promised a monthly return of anywhere between 4 to 15 percent
per month. The scam operated mostly in Quezon City.
Operatives of the Criminal Investigation and Detection Group Anti-Fraud
and Commercial Crimes Unit arrested Huang at SMDC Grass Residences, Tower 3 in
Barangay Sto. Cristo, Quezon City on Thursday, May 24, on the strength of three
warrants of arrest for 12 counts of estafa.
Huang, who also goes by the names "Margie",
"Marita" or "Irma Pascual" together with her husband, Gary
Chen Huang, daughter Nicole, son Conrad and their secretary Marivic Ifurung,
allegedly defrauded hundreds of victims, police said.
The suspects zero in on their circle of friends and parishes to entice
them to invest in a lending facility they supposedly operating with a large
employee cooperative under Comfoods Inc.
Police said the Huangs claimed to be alleged co-partners in the
programs of the food firm to assist employees from becoming victims of
loan-sharks.
Police said Comfoods, Inc. belied the lending programs presented by the
suspects.
In 2015, the suspects started to evade their investors and went into
hiding after failing to pay their promised obligations.
All suspects were charged with syndicated estafa but Gary, Conrad, and
Ifurung posted cash bail bonds for their temporary liberty in 2017. Nicole went
into hiding in New Zealand. (PNABy Benjamin Pulta)
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