Mindanao Examiner Newspaper

Page 1

Mindanao Daily

Founded 2006

mindanaoexaminer.com

P10/RM1

Zamboanga City, Philippines

Feb. 4-10, 2013

Malaysia holds scam leader Manuel Amalilio A seaside village in Pagadian City. (Mindanao Examiner Photo) PAGADIAN CIT Y–P hilippine author e failed CITY Philippine authorities have ities hav ain behind the P12-billion brain to take into custody the br lar ge-scale swindling who fled M alaysia to ev ade ar large-scale Malaysia evade ar-rest in M indanao Mindanao indanao.. Manuel Amalilio, Amalilio, who was befounder of the Aman Fu- hind the P12-billion Ponzi tures, has duped thousands scheme in southern Philipof people in the southern pines, has been taken into Philippines by promising custody by Malaysian authem 50% interests of all thorities in Kota Kinabalu their investments; and es- in the eastern state of caped to Sabah after the Sabah. collapse of his company. His arrest came after Philippine Justice Sec- Philippine authorities retary Leila de Lima said alerted Malaysia about Amalilio was a Filipino who Amalilio’s escape to Sabah. passed himself off to invesDe Lima said a team of tors as a Malaysian citizen. National Bureau of InvestiAmalilio was arrested gation (NBI) agents were in Kota Kinabalu by angry sent to fetch Amalilio in Filipino investors after he Kota Kinabalu and to bring failed to pay them millions him back to the Philippines to face criminal charges. of pesos in funds. One of the investors But Malaysian auwho nabbed Amalilio said thorities prevented them the man was actually a Ma- from taking custody of laysian national whose real Amalilio, saying the Philipname is Mohamad Gamal pines have no extradition bin Said, and not a Filipino treaty the neighboring as authorities claimed. state of Sabah.

ARMM

National police also sacked its Senior Superintendents William Manzan, the provincial police chief, and Kenneth Mission, police chief of Pagadian City for failing to act on the scam. DIL G PR OBE DILG PROBE Interior Secretary Mar Roxas also suspended Manzan and Mission for their supposed negligence in stopping the scam and said “this is meant to avoid chances of whitewash in the ongoing police investigation into the latest getrich-quick scheme that has reportedly duped some 15,000 individuals into investing about P12 billion of their hard-earned money.” He said the police officers not only failed to act on the scam, but also failed to report about it. “This scam has been perpetrated beginning as early as February this year

Northern Mindanao

Davao

and there have been very loud indicators that this scam was happening. People were lining up as early as 2:00 in the morning to try to get in the premises of Aman,” Roxas said. Roxas said 21 other policemen who invested in the scam were also ordered back to camp to ensure that they do not use their authority to exact revenge against Aman Futures and its representatives. He also ordered an audit into the bank accounts of the local governments of Zamboanga del Sur and Lanao del Sur provinces following reports that some officials invested in Aman Futures. “This is to verify reports that public funds may have been used to invest in Aman,” he said. The investment trading and news of its highyield, high-profit spread

Manila

like wildfire and attracted even street hawkers and tricycle drivers who poured their hard-earned savings into an overseas stock and money trading. During the first weeks of its operation, investors were paid at least 31% and profits increased to 50% in the succeeding weeks – luring not only ordinary citizens, but politicians as well. The Department of Trade said the people behind the investment trading were able to secure a permit for a business name and that succeeding permits carried various names of owners. The Securities and Exchange Commission issued a public warning about the Ponzi scheme, but many investors simply ignored this after being told by the company that they would be paid on time.

PONZI The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920. His operation took in so much money that it was the first to become known throughout the United States. Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself. It was also the same scheme that American stock broker and investment advisor Bernard Lawrence Madoff – who was arrested in December 2008 - used to lure thousands of clients to invest in his scam. As much as $65 million dollars were believed lost to Madoff ’s scam. (Mindanao Examiner)

Zamboanga Peninsula


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