Ricardo Cepeda held for syndicated estafa

MANILA, Philippines — Actor Ricardo Cepeda was arrested in Caloocan City on charges of syndicated estafa.

Operatives of the Quezon City Police District (QCPD) apprehended the 57-year-old Cepeda, who is Richard Cesar Go in real life, in a restobar along Mabini street in Maypajo at around 11 a.m.

Police served a warrant of arrest against Cepeda for a charge of syndicated estafa under Article 314 of the Revised Penal Code in relation to Presidential Decree 1689.

Cepeda did not resist when police took him into custody.

The warrant of arrest was issued by Regional Trial Court Branch 12 Judge Gemma Bucayu-Madrid in Sanchez Mira, Cagayan.

No other details about the charges against Cepeda were available as of Saturday afternoon.

Under PD 1689, a penalty of life imprisonment is imposed on a syndicate consisting of five or more persons formed with the intention of carrying out the unlawful or illegal act, transaction, enterprise or scheme, and the fraud results in the misappropriation of money contributed by stockholders, or members of rural banks, cooperative, “samahang nayon(s),” or farmers’ associations, or of funds solicited by corporations or associations from the general public.

Cepeda was brought to the QCPD headquarters at Camp Karingal for documentation.