Banking & Finance

Former Directors and Officers of a closed Rural Bank in Camarines Sur convicted in Criminal Cases

Date: 16 April 2018; Type: Legal News; Source: Central Bank

Evelyn Cueto Ramirez, a former director and principal officer of the closed Rural Bank of Milaor (Camarines Sur), Inc. (RB Milaor) was convicted by the Municipal Circuit Trial Court (MCTC) of Camaligan-Gainza-Milaor, Camarines Sur, in Criminal Case Nos. 2638 and 2639, for Falsification of Commercial Documents, defined and penalized under Article 172, in relation to Article 171, of the Revised Penal Code, and for violation Section 35 (False Statement) of Republic Act (R.A.) No. 7653, or The New Central Bank Act, respectively.

On 08 March 2018, in a Joint Judgment dated 31 January 2018 promulgated by Presiding Judge Laurencio A. Puto of the MCTC-Camaligan-Gainza-Milaor, Camarines Sur, in Criminal Case No. 2638, Evelyn Cueto Ramirez was found guilty beyond reasonable doubt of the crime of Falsification of Commercial Documents, and sentenced to suffer imprisonment of six (6) months of arresto mayor, as minimum, to three (3) years, six (6) months, and twenty-one (21) days of prision correccional, as maximum, and to pay a fine of Php 3,000.00.  In Criminal Case No. 2639, the court also found accused Evelyn Cueto Ramirez guilty beyond reasonable doubt for violation of Section 35 (False Statement) of R.A. No. 7653, and was sentenced to suffer imprisonment of one (1) year, as minimum, to three (3) years, as maximum.

The criminal cases stemmed from the preparation and signing by accused Ramirez of the Consolidated Statement of Condition (CSOC) as of 30 June 2008 of RB Milaor.  Thereafter, said CSOC was submitted to the Bangko Sentral ng Pilipinas (BSP) and to its examiners. 

Based on bank documents, on 30 May 2008, accused Ramirez, on behalf of RB Milaor, participated in the processing and grant of four (4) fictitious and fraudulent loans in the names of Conrado Colarina, Arthur Deliva, Riza Dioneda, and Flordeliza Grayda, in the aggregate amount of Php 6.5 Million.  As a member of the bank’s Board of Directors, accused Ramirez approved the grant of the loans.  As the bank’s Cashier, she participated in processing the loan proceeds of the fictitious loans.  As Branch Services Head, she was aware that subject loans were recorded in the books of RB Milaor.  Thereafter, as the bank’s Treasurer, she signed, under oath, and submitted to the BSP, the CSOC of RB Milaor, which reported and misrepresented the bank’s loan portfolio, because it included the four (4) fictitious and fraudulent loan accounts.

Thus, the court considered the CSOC of RB Milaor as a falsified commercial document, pursuant to Article 172, in relation to Article 171, of the Revised Penal Code.  Also, for having been submitted to the BSP and to its examiners, the CSOC of RB Milaor was considered a false statement in violation of Section 35 of R.A. No. 7653.

Previously, Pepito M. Cilos, former President of RB Milaor, was also convicted by the MCTC-Camaligan-Gainza-Milaor, Camarines Sur, in Criminal Case Nos. 2640 to 2647, on four (4) counts of Falsification of Commercial Documents, defined and penalized under Article 172, in relation to Article 171, of the Revised Penal Code; and on four (4) counts of Violation of Section 35 (False Statement) of R.A. No. 7653.  Mr. Cilos was also convicted by the Regional Trial Court of Naga City, Branch 26, in Criminal Case Nos. 2013-0304 to 2013-0307 entitled People of the Philippines versus Pepito M. Cilos, et al., on four (4) counts of Violation of Sections 40 and 55 of R.A. No. 8791, or The General Banking Law of 2000.

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