State-run Philippine Deposit Insurance Corp., the receiver of closed banks, said Monday it filed syndicated estafa charges with the Justice Department against the former directors, officers, employees and consultants of the closed Banco Filipino Savings and Mortgage Bank that resulted in estimated losses of about P669.6 million to the bank.
PDIC said charged with committing syndicated estafa in violation of Presidential Decree 1689 were Albert Aguirre (former vice chairman), Teodoro Arcenas (former chairman and president), and 31 other former officers, employees and consultants of Banco Filipino.
The complaint filed on July 5, 2016 is scheduled for initial hearing by the DoJ Task Force on Financial Fraud. Banco Filipino is a 62-unit bank ordered closed by the Monetary Board of Bangko Sentral ng Pilipinas and placed under receivership of PDIC on March 17, 2011.
PDIC alleged that the respondents, with abuse of confidence as bank directors/officers, conspired and misappropriated Banco Filipino funds solicited from the depositing public approximating P669.6 million to pay for their travels abroad from January 2000 to July 2003.
“The syndicated estafa led to bank losses. Even after the bank was ordered closed on March 17, 2011, respondents failed to return the amount,” PDIC said.