Fiscal indicts Ramos in scam case

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Fiscal indicts Ramos in scam case

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NOTE: THIS STORY WAS FIRST PUBLISHED IN THE BOHOL CHRONICLE’S SUNDAY PRINT EDITION.

The prime mover of an alleged investment scam was indicted for four counts of the crime of Estafa by the Office of the City Prosecutor.

Assistant City Prosecutor Julius Cesar in its nine-page resolution stated that the prosecutor found probable cause for the indictment of Niño Jedeiah Ramos for four counts of Estafa by means of deceit under Subdivision 2(a) of Article 315 of the Revised Penal Code.

Information will be filed against Ramos before the Regional Trial Court of Bohol for one victim and before the Municipal Trial Court in Cities for the rest of the victims.

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The Prosecutors Office said, “all the elements of Estafa are present considering that Ramos is involved in the fraudulent scheme when he employed deceit, false pretenses and representations to the complainants regarding a supposed lucrative foreign currency exchange trading in order to solicit money from the complainants.” 

“Relying on the false promises and representations being employed, complainants parted with their hard-earned money to Ramos while they suffered damages, as their money was not returned to them despite demand,” Asst. Prosecutor Cesar stated.

The instant case was not considered as Syndicated Estafa under PD 1689 as there was only one offender. 

The Prosecutors Office stated that as shown in their Memorandum of Agreement signed by Ramos, it shows that he is the representative of FxPro, an international Forex Broker. However, evidence of the complainants showed that Ramos is not affiliated or authorized by FxPro as the company does not even have any office in the Philippines.

Instead, it was found out that Ramos only used the name of FxPro, or FxPro Global Markets Ltd and pretended to be a duly accredited and licensed broker of the said company for Asia operations.

Since Ramos is not an accredited and licensed broker of FxPro then he has no authority to solicit investment from the general public, the Prosecutors Office concluded.

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NOTE: THIS STORY WAS FIRST PUBLISHED IN THE BOHOL CHRONICLE’S SUNDAY PRINT EDITION.

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