The Securities and Exchange Commission (SEC) said officers of a company involve in an investment scam were meted with life imprisonment.
The Tagum City Regional Trial Court Branch 2 convicted Rico John Colorines Garcia and King Paul Bryan, chief executive officer and auditor of Rigen Marketing, respectively, for the crime of syndicated estafa for their role in Rigen Marketing’s solicitation of unauthorized investments from the public.
Their cases were ruled in two separate instances – April 11, 2023 and May 2, 2023.
Garcia and Bryan’s case stemmed from the complaints of two individuals who were enticed to invest in Rigen Marketing which allegedly promised income returns of up to 400 percent within a span of 30 days, the SEC said.
“Rigen Marketing claimed that profits were generated from investments in cryptocurrency and foreign exchange trading,” it said.
The Tagum court noted Rigen Marketing employed fraud when Garcia, auditor, and its officers pretended to have the authority to solicit investments from the general public when it did not have such authority.
