Dear Atty. Peachy,
About six months ago, I invested P2,000,000 with a couple who claimed to run a business bidding for contracts on school and office supplies. They presented themselves professionally, and I even met them in person, reviewed their business documents, and signed a memorandum of agreement (MoA) that promised an 8 percent monthly return on my investment.
Initially, everything seemed fine, and they paid the interest promptly. However, as time went on, the payments started to be delayed, accompanied by a variety of excuses. Although the couple issued postdated checks as outlined in our MoA, they verbally requested that I not deposit the checks myself. Instead, they assured me they would deposit the corresponding cash amounts as the checks fell due.
Eventually, I became concerned about the delays and decided to deposit the checks myself. To my dismay, I discovered that the account had already been closed. I promptly sent them a notice of dishonor, which their office staff received. However, I am now increasingly worried because, after I sent a notice of dishonor which was received by their employee and threatened them with a criminal case for violating the Bouncing Checks Law, the staff member’s social media account vanished. This seems to indicate they might be trying to hide or evade consequences.
I am particularly concerned about recovering my initial investment and any future payments, especially since I fear they are now evading me. What legal steps can I take to ensure I recover my money?
Thank you for your assistance in this matter.
Annie
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Dear Annie,
Given the seriousness of your situation and the behaviors displayed by the couple, here’s a structured approach you can take to protect your rights and pursue recovery of your investment:
1. Document Everything: Ensure you have detailed records of all communications, agreements, and payments associated with your investment. This documentation is essential for supporting your claims.
2. Formal Demand Letter: Since you have already issued a notice of dishonor, your next course of action should be to send a formal demand letter to the couple, requesting recovery of your P2,000,000 investment and any unpaid interest. Send this letter via registered mail to their last known address. This method ensures you have proof of delivery, which will be important should you need to pursue legal action.
3. Criminal Complaint for Bouncing Checks: Given that the checks have bounced, you may file a criminal complaint based on the Bouncing Checks Law (Presidential Decree No. 818). Present all supporting documents, including the dishonored checks, your notices, and any relevant communication where they instructed you not to deposit the checks.
Since there are indications of fraudulent intent, consider reporting the matter to the Securities and Exchange Commission for them to investigate the situation. If a fraudulent investment scheme is confirmed, they can take appropriate legal action against the couple.
If evidence suggests that the couple was operating with the intent to defraud investors, you may have grounds to file charges of estafa under Article 315 of the Revised Penal Code. This charge applies to individuals who engage in deceitful practices leading another party to part with money or property. Documenting their requests to avoid depositing checks while failing to honor their commitments will be key in supporting your case.
By taking these steps, you can establish a solid foundation to pursue your rights and seek the recovery of your investment. It’s crucial to be proactive in this process as prompt actions can make a significant difference in legal matters. If you have any further questions or require more specific guidance, feel free to reach out again.
Atty. Peachy Selda-Gregorio