A casino junket operator who was banned from several gaming establishments for running an alleged Ponzi scam was sued by the Securities and Exchange Commission (SEC).
The criminal complaint names Hector Aldwin Liao Pantollana along with his companies Philippine National ESports League, Horizon Players Club, and Team Z, the corporate regulator said in a statement on Friday.
Filed before the Department of Justice last May 31, the case involves violations of Sections 8, 26, 28, and 51.3 of Republic Act No. 8799, or the Securities Regulation Code, and Sections 3, 6, and 12 of Republic Act No. 9160, or the Anti-Money Laundering Act.
Banned from casinos
Through its investigation, the SEC found that the group solicited investments that promised profits of 60 percent to 111 percent per year, backed by postdated checks.
A gaming industry executive, who requested anonymity, told InsiderPH that Pantollana was banned from their casino and other venues for selling fake investments that were disguised as junket operations, mainly targeting politicians and policemen.
“Hector Pantollana’s [casino junket operations] scheme masquerading as a mere loan contract and secured by postdated checks is clearly an investment contract and undoubtedly, further evidence of indebtedness. Therefore, a security within the purview of [the SRC],” the complaint read.
No SEC license
The SEC said the contracts resembled a Ponzi scheme, where profits are paid out using investments coming from new participants.
Philippine National ESports League, Horizon Players Club, and Team Z are not registered with the SEC and lack the necessary licenses to legally solicit investments from the public.
Leaders and associates implicated
Meanwhile, the leaders implicated are Zeus Liao Pantollana, Reymond Lacsamana Galang, Quarry Quieng, and Erwin L. Bangalan.
Also implicated were individuals involved in the group’s investment activities.
These were Den Abad, Daniel Agbisit, JM Almodiente, Rhoda Andrada Casuga, Avegail Namoc Cruz, Maricel Raposon Cesumision, Stephen Cecilia Dorog, Jennilyn Galletes Delos Santos Floresca, Raffy Palangdan Floresca, Heinn Carreon Humilde, and Zen Carreon Humilde.
Also implicated were Ariel Ramos Katigbak, Vanessa Mendoza Magboo, Paul Tolentino Maranan, Gumba Martinada, Kim Mejica, Christian Jerome Quizon, Neshema Rock Lorico, the SEC said.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
