Jose Cecilio “Jay” Penaflor, former employee of Philippine Stock Exchange, is currently tagged with a multimillion investment scam estimated P100 million up to P300 million coming from young professionals, OFWs, government employees, and military men.
Penaflor was caught during an entrapment operation conducted by NBI. Investors were then disappointed after DOJ released Penaflor just 2 weeks after he was caught.
According to victims, Penaflor promised high returns with their invested money. One victim states that he was able to invest P50,000 to P60,000 in CAP-M Consultancy Co., After three months, the invested money said to have grew to P100,000 because it was invested in San Miguel Corp and ABS-CBN.
Dozens of victims asked for help from NBI to get their money back but secretly, Penaflor allegedly communicated with some victims and promised them their refunds. In exchange to that, he asked the investors to free him from liabilities, that setup is strongly discouraged by NBI.