One of the founders of RGS Investment Scam has been arrested
RGS INVESTMENT SCAM – One of the founders of the mass investment scheme in Bacolod was arrested at his rented house in Barangay Paglaum, Binalbagan, Negros Occidental on Thursday, August 25.
The suspect identified as Henjie Cuadra, 32, was arrested by the virtue of a warrant of arrest dated Aug. 15, 2022, issued by Presiding Judge Maria Lina P. Gonzaga of the Regional Trial Court Branch 42.
It was in connection with syndicated estafa, a non-bailable offense.
According to Police Lt. Col. Alvimar Flores, team leader of the Provincial Intelligence Unit (PIU), Cuadra was one of the founders of RGS World Marketing Corp., an investment scheme that victimized a lot of Bacolodnons and Negrenses.
Earlier, the Securities and Exchange Commission (SEC) en banc ordered the corporation to stop engaging in the unauthorized solicitation, offer, and or sale of securities until it secured registration and approval from SEC.
It appears that RGS has adopted a certain scheme called COMPLAN. The minimum investment is Php1,000 and one can invest without limit. Thus, the investors’ Php1,000 will turn to 3,500 (250%); Php5,000 to Php17,500 (250%); Php10,000 to Php35,000/P40,000(250%to 300%); Php20,000 to Php80,000 (300%) within a month or so depending on the Complan and payout system.
Investors invested thousands and even millions in the said firm, promising them of a big return on investment but did not receive any.
Meanwhile, Flores urged other victims to file complaints against other persons behind the investment scheme.
Cuadra has been detained at the Binalbagan Municipal Police Station.
Aside from Cuadra who acted as Vice President of Finance and Marketing, other persons identified as founders of the investment scheme are Rodolfo Garcia Salarda, Jr., chairman and CEO, and Engie Esteves, Vice President of Operations.
What can you say about this report? Share your thoughts or insights in the comment section below.
For more news and the latest updates, feel free to visit Newspapers.ph more often as well as our Facebook page and YouTube channel.
