Baguio court convicts ex-insurance executive over investment scam

2026-01-28 - 07:01

BAGUIO CITY, Philippines – A regional court in Baguio City has convicted a former insurance company executive of multiple counts of estafa for allegedly deceiving several individuals into investing large sums in non-existent business ventures. In a 47-page decision on Tuesday, January 27, Regional Trial Court Judge Michael Francisco found Catherine Aquino Belleza guilty beyond reasonable doubt of four counts of estafa under Article 315, 2(a) of the Revised Penal Code, as amended by Republic Act No. 10951. Lawyers said Belleza is a former Baguio-based manager and regional unit head for the Cordillera Administrative Region of AXA Philippines. During the COVID-19 pandemic period, they said, she promoted what she described as profit-generating projects, including an alleged construction venture referred to as “Crame Projects,” to solicit funds while promising high returns. The court handled each of the four estafa cases separately, giving Belleza prison terms and ordering her to repay the money lost in each case. In the first case, she was sentenced to eight years and one day to 15 years in prison and ordered to pay P19.2 million. In the second, she got 10 to 20 years in prison and P41.7 million in damages. In the third, her sentence was four years and two months to 11 years, with P11.5 million to be repaid. In the fourth, she received four years and two months to 10 years in prison and P9.5 million in restitution. All monetary awards carry six percent annual legal interest, to be computed from the finality of the judgment until fully paid. According to the court, Belleza repeatedly told investors their money would be placed in legitimate, profit-generating businesses connected to government-related projects, Manila-based financing operations, and mining activities. She presented these ventures as lawful, secure, and capable of generating steady returns. The court said these representations were made before and during each release of funds, often with assurances that the investments were safe and that returns were guaranteed. Early interest payments, the court added, helped strengthen the illusion of legitimacy and encouraged investors to release more money. However, evidence presented by lawyers Jose Adrian Bonifacio and Lucille Arianne Donato showed the businesses did not exist. Instead, funds were diverted to casino-related financing, which the court described as undocumented, high-risk, and undisclosed to the complainants. The court rejected Belleza’s claim that she later disclosed the true nature of the transactions, ruling that subsequent explanations do not erase earlier deception. It emphasized that estafa involves deceit from the outset, not merely a failure to pay. It noted that the complainants trusted Belleza because of her professional position, prior dealings, personal relationships, and initial interest payments. This trust, according to the court, was decisive – they would not have invested had they known the funds would be used for casino financing or other undisclosed purposes. – Rappler.com