Samuel S. Co

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Considered as one of the Philippines' biggest ponzi schemes, the Aman Futures Scam robbed investors an estimated PHP 12 billion ($ 294,000,000). [12] The scheme offered a 30 to 60 percent return on investment, enticing 15,000 people, mostly from the low-income class.

In a letter to the National Bureau of Investigation, Zamboanga del Sur Governor Antonio Cerilles implicated Co in the scheme citing the latter's distribution of checks to investors. [13] Co brushed aside the accusation as "character assassination" led by Cerilles, claiming it was aimed at discrediting him to his colleagues in the Liberal Party and derailing his candidacy for the congressional seat of the first district of Zamboanga del Sur. [14] [15] [16]

Co maintained his innocence, but the special panel formed by the Department of Justice found him to have “acted not merely as an investor but also as an agent of Aman.” [17] He was charged of syndicated estafa with Aman Futures founder Manuel Amalilio and other executives of the fraudulent investment firm. [18]

Mayor Samuel Co was one of the first to complain against Aman Futures for syndicated estafa. Despite the subsequent attempts to implicate him and the pending preliminary investigations, these are the unalterable facts: [19]

Mayor Co revoked the business permit of Aman Futures, until it complied with the local government requirements for its particular type of business.  Policemen serving the closure order were blocked by people lined up around the office who were waiting to invest.  His constituents begged him not to implement the said order. Later, he was informed by police and justice authorities that in the absence of a complainant or assertion of damage, the alleged investment company could not be shut down.

With all the foregoing and other such actions, Mayor Co has clearly shown that he has been on the forefront of the challenge to the said company. His repeated challenges failed, however, due to the lack of complainants to support his suspicions that the company was engaged in illegal activities. The preliminary investigation by the Department of Justice eventually commenced in Pagadian City on December 17, 2012. Pagadian Mayor Samuel Co swore to his complaint affidavit and respondent executives of Aman Futures committed, through their counsels, to submit their counter affidavits on 27 December 2012. [19]

Meanwhile as the hearing was ongoing, hundreds of people gathered outside City Hall to demand justice for the mayor.  According to the citizens gathered outside, the counterpart charges filed by the National Bureau of Investigation against Mayor Samuel Co are merely political attacks against him by rival Zamboanga del Sur Governor Antonio Cerilles. Both are allegedly running for office this 2013 in different parties. [19] However, on December, 2013, Co was ordered arrested by a court in Bonifacio Global City in Metro Manila. [20]

See also

Notes

  1. "Mindanao City Mayors 1988-2013" (PDF). MindaNews. Archived from the original on May 11, 2013. Retrieved April 14, 2017.
  2. http://electionresults.comelec.gov.ph Archived 2010-05-13 at the Wayback Machine (retrieved May 14, 2010)
  3. "DOJ won't play politics in resolving Co's case". Inquirer.net. February 11, 2013. Retrieved April 14, 2017.
  4. "Memorandum Circular No. 75, s. 2004". Official Gazette. November 12, 2004. Archived from the original on January 23, 2022. Retrieved April 13, 2017.
  5. "EXECUTIVE ORDER NO. 429". LawPhil: Arellano Law Foundation. Retrieved April 13, 2017.
  6. "Lobregat: Zambo open to Western Peninsula region but…". MindaNews. February 1, 2011. Retrieved April 13, 2017.
  7. "Memorandum Circular No. 11, s. 2010". Official Gazette. December 22, 2010. Retrieved April 13, 2017.
  8. "RDC chooses Zambo as regional center of Region 9". Zamboanga.gov.ph. March 29, 2011. Retrieved April 13, 2017.
  9. "PAGADIAN REMAINS THE REGIONAL CENTER OF ZAMBOANGA REGION". MEBNews. Retrieved April 13, 2017.
  10. "SEC. ESGUERRA GRACES INAUGURATION OF NEDA IX BUILDING IN PAGADIAN CITY". Neda.gov.ph. Retrieved April 13, 2017.
  11. "Memorandum Circular No. 79, s. 2020" (PDF). Official Gazette of the Republic of the Philippines. August 30, 2020. Retrieved August 30, 2020.
  12. "Timeline: The Aman Futures pyramid scam". Rappler. November 16, 2012. Retrieved April 10, 2017.
  13. "Timeline: The Aman Futures pyramid scam". Rappler. November 28, 2012. Retrieved April 10, 2017.
  14. "2nd estafa raps filed vs Pagadian mayor, wife over investment scam". GMA News. November 29, 2012. Retrieved April 11, 2017.
  15. "BI on alert for people behind pyramid scam". Rappler. November 16, 2012. Retrieved April 11, 2017.
  16. "Mayor tagged in Aman Futures scam insists he's innocent". Inquirer.net. February 13, 2013. Retrieved April 11, 2017.
  17. "Pagadian mayor ordered arrested over Aman Future's scam". PhilStar. April 12, 2013. Retrieved April 11, 2017.
  18. "Pagadian mayor charged for Aman Futures scam". ABS-CBN News. March 12, 2013. Retrieved April 11, 2017.
  19. 1 2 3 "A profile of Mayor Samuel S. Co" . Retrieved 2021-10-11.
  20. "Ex-Pagadian mayor, wife arrested for scam". PhilStar. December 16, 2013. Retrieved April 12, 2017.
Samuel S. Co
Mayorsammyco.jpg
Co in 2021
Mayor of Pagadian
Assumed office
June 30, 2019
Preceded by
Romeo Pulmones
Mayor of Pagadian
2019–present
Incumbent

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