EMBATTLED REAL ESTATE FIRM FOISTS VICTORY VS SEC

July 29, 2023 Headlines

BAGUIO CITY (July 25, 2023)

Embattled real estate firm Casa Infiniti foisted victory in its battle against the Security Exchange
Commission (SEC) after the Baguio City Prosecutor’s Office junked cases against the realty firm’s Chief Executive Officer and 23 of her staff taken by authorities in an entrapment operation on June 10 for illegally selling securities.

In a 55-page resolution on July 19, Associate City Prosecutor Arlene Valerie Cacho–Spadaro and later affirmed by City Prosecutor Conrado Catral, Jr., dismissed the complaint by the SEC for alleges violations of several sections of the Financial Products and Services Consumer Protection Act of 2022 in relation to section 6 of Cybercrime Prevention Act. Cacho-Spadaro said in her ruling that “evidence presented is insufficient to charge the respondents,…”

Jennelyn Floresca, CEO of Casa Infini, Jovielyn Mina, Eric Pineda, Jacqueline Melchor, Jerich Sadernas, Ruhhiyah Ymana and Elmer Diga and 17 others were detained for 49 hours after an entrapment at a local hotel where a supposed securities selling activity was ongoing. The Baguio Prosecutor’s Office noted that SEC was only to serve a Cease-and-Desist-Order (CDO) against Casa Infini and its officers, but instead conducted an entrapment operation.

An emotional Floresca during last Friday’s press conference at the Vera Hills Transient Home said, she had been “emotionally stressed” for the 49 hours she was detained, compounded by the “public trial” that ensued damaging the name of Casa Infini including the Raycasa Group of Companies she and her husband owns. She claimed that they have problems with the new bank where they opened accounts, including those associated with them.

With the dismissal of the cases however, Floresca, aided by a battery of topnotch Manila and Baguio lawyers, vowed filing criminal, administrative and civil suits against their “tormentors” including SEC officials, policemen from the Regional Anti-Cybercrime Unit (RACU) and operatives from the Presidential Antiorganized Crime Commission (PAOCC).

Despite these initial setbacks, however, Floresca said they will soon open several of their “altruistic” projects among which are the groundbreaking ceremonies for four villas at Outlook Drive on July 28, this Tuesday’s turn over ceremonies for their Alapang, La Trinidad projec, and the groundbreaking of the Saleng condominiums at Gibraltar before the end of the year.

On top of these, they are looking forward to stage a Mr. Benguet pageant-like event during Casa Infini’s 11th year on August 18 at the Baguio Convention and Cultural Center and their 11th year anniversary celebration on August 25.

Artemio A. Dumlao/ABN