Criminal Law, 2010 Bar — Question XVI

ESSAY

The president, treasurer, and secretary of ABC Corporation were charged with syndicated estafa under an Information alleging that, conspiring and confederating together in a syndicated manner through a corporation registered with the Securities and Exchange Commission (SEC), with intent to gain and by means of fraud and deceit, they defrauded Virna, Lana, Deborah and several other persons by falsely representing that they were in a legitimate business of foreign exchange trading operating under the name and style of ABC Corporation and DEF Management Philippines, Incorporated, and thereby induced and succeeded in inducing the complainants and several other persons to give and deliver to the accused at least P20,000,000.00, the accused knowing fully well that the said corporations were not licensed nor authorized to engage in foreign exchange trading, to the damage and prejudice of the complainants, the defraudation pertaining to funds solicited from the public in general. Will the case for syndicated estafa prosper? Explain.

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