NBI-Manila nabs man for syndicated estafa

CEBU, Philippines —  The National Bureau of Investigation-Manila has arrested one of the officers of a brokerage firm DW Capital, Inc. for alleged syndicated estafa.

Derwin Wong, a resident of Makati City, was arrested last April 10 pursuant to a warrant of arrest Cebu City Regional Trial Court Judge Ramon James Stewart Himalaloan of Branch 9 had earlier issued.

Derwin together with his co-accused Wong Chung Yin alias David Wong, Derick Wong, Davidson Wong, Dianne Wong, Lucy Chua, Juvy Ting, Susan Lu, Beverly Ansay, Leonardo Marzan, and unidentified individuals, allegedly helped each other in defrauding Valerie Gaisano Sebastian by inducing the latter to invest in buying and selling shares of stocks in various corporation under the Philippine Stock Exchange (PSE).

All the other accused are at large.

Sebastian reportedly gave and delivered P24,360,000 to the accused.

Lawyer Edgar Gica said Sebastian did not receive any proceed from her investments.

Gica said Sebastian invested in DW Capital Inc. because Derwin “was” her brother-in-law, as her sister got married to Derwin.

Allegedly, Derwin convinced Sebastian and her mother to actively engage in stock market trading.

Because Derwin is part of their family, they agreed to entrust to him the trading of their shares to the stock brokerage firm of DWCI of which Derwin is the president and chairman of the board.

DWCI is a brokerage firm that serves a great number of public investors who traded public stocks derived from the investing public, including Sebastian and her mother.

The Wong family reportedly owns this firm.

In 2017, Sebastian had discovered irregularities.

Sebastian alleged that she informed Derwin to sell as a "block sale" two million of her MetroBank (MBT) shares which are recorded in her PSE account.

However, she found out later that instead of following her instructions, only 45,000 MBT shares was sold last July 13, 2017 and another 47,400 MBT shares the following day, leaving a wide discrepancy.

Demand letters were sent to Derwin but the accused reportedly did not bother to act on them.

Derwin, who was brought to court yesterday for the commitment order, refused to comment on the issue.

However, he appealed to the Gaisano family to "have mercy on me."

Derwin said he wanted to talk to his wife and the Gaisano family. He added he also wants to meet his three kids, whom he had not seen for two years already.

The Cebu City Prosecutor's Office has not recommended any bail for Derwin’s temporary liberty. — GAN (FREEMAN)