AMID the dismissal of fraud allegations hurled against it, Ray Casa Group of Companies continuously stands firm on the ground and even ready to build and deliver more projects in the pipeline to fulfill its mission of helping Filipinos build their dream homes.
The company made this announcement during a press conference held simultaneously online and in-person at the RNJ Hotel Vera Hills in Baguio City last July 21 to answer the allegations and case filed by the Securities and Exchange Commission (SEC), represented by Atty. Regina Cajucom-De Guzman, Atty. Lester Bautista, and Aldrin Cabungcal for Violation of Sections 8, 26, and 28 of the Securities Regulation Code (SRC) and Section 3(f) of Financial Products and Services Consumer Protection Act of 2022 in relation to Section 6 of Cybercrime Prevention Act.
According to Atty. Benny Bomogao, the personnel of the SEC Enforcement and Investor Protection Department (EIPD) conducted an entrapment operation when they attended the seminar conducted by Ray Casa at The Orchard Hotel Baguio last June 10 in the guise of a prospective buyer-investor or a partner financier.
After seeing the presentation of the Group’s officers and incorporators, as well as the act of accepting money of its employees from one of the attendees, the counsel said that the SEC EIPD conducted a warrantless arrest and seized the belongings of Ray Casa Group Chief Executive Officer (CEO) Jennylyn Floresca and 23 employees and individuals.
“Per the complainant, which is the SEC, Ray Casa is engaged in the selling of securities without any license from it. That’s their allegation based on a complaint of a certain Atty. Francis Ray Camtugan,” Atty. Bomogao told reporters.
Such allegation, however, was vehemently denied by Floresca, who emphasized that Ray Casa Group has been in the business for 11 years.
Currently, it has primary licenses which are Brokerage, Appraisal, and Consultancy & Development via its real-estate units Casa Infini Properties & Development Corp. and Casa Infini Builders & Realty Co Ltd.
Its other subsidiary, Ray International Philippines Corp., is comprised of Ray Education Directions Consultancy Services, which provides international programs to Asian clients linking them from a third to a first world country diploma and global competent credentials, as well as into creatives through Be Unrivaled Productions and Sine Cordillera.
“We are not selling securities at all because we are into real-estate properties,” Floresca pointed out. “The business model of our real-estate company is more on credential building of clients so that a person who has only P1 million can buy a P10 million worth of property. It’s actually an altruistic program that would help a Filipino to buy his home using only his or her credentials.”
After further investigations, the Baguio City Prosecution Office issued on July 20 the dismissal resolution on the SEC complaint.
“Before a warrantless arrest can be executed, there must be a criminal act being, has been, or is to be committed by any of the arrested persons. But in this particular case, the Prosecutor’s Office found out that there is no such act committed by the respondents. It did not fall under Section 5 of Rule 113 of the Revised Rules of Criminal Procedure, especially in the case of the flagrante delicto,” Atty. Dante Bagsan noted.
“We welcome the Resolution of the Office of the City Prosecutor of Baguio City, which dismissed the complaint against our company, its management and employees on the ground that the complaint was baseless. This dismissal is a testament to the fact that Casa Infini has always adhered to the highest standards of compliance with all relevant rules, laws and regulations to operate our business with integrity, transparency, and good faith,” said the statement of the Villaraza & Angangco Law Firm read by Atty. Kimberly Joy P. Chilagan.
THE SEC’s cease and desist order (CDO), per Floresca, gave their firm grueling financial management and project based operations setbacks because of the “public trial” the company had undergone on social media.
“Statistics-wise, the capacity of Ray Casa Group of Companies right now is P500 million to P1 billion worth of project approvals,” the CEO said of the amount of loans from commercial banks and other institutions that are pending and on hold due to the case that stemmed from the petition filed against her by Atty. Camtugan, whom she claimed has a “personal vendetta” for suing him for cyber libel and disbarment complaints. “Excruciatingly, most of our banks closed and were restricted that paralyzed our sound system of our operations.”
She added that their license to sell their luxury condominium project in Baguio City and membership to Chamber of Real Estate & Builders’ Association Inc. were suspended until the resolve of the matter.
“There are more corporate damages that have transpired not only me as a CEO, but including my employees and family,” Floresca said.
Business as usual
WITH the dismissal of the case, the CEO bared that the following business developments will resume: Turnover ceremony of Alapang, La Trinidad Benguet Property on July 25; Groundbreaking of Outlook Drive, Baguio City Property, July 28; Open House at RNJ Hotel Vera Hills, 2nd Road Quezon Hill, Baguio City, August 5; Mr. BFC, Benguet Fitness Center’s muscle showdown for-a-cause competition, Baguio Convention Center, August 19; Saleng Spa and Wellness Towers actual groundbreaking by end of 2023; and Casa Infini Builders & Realty Co. Ltd 10th year and 11th year celebrations on August 26 and November, respectively, in Baguio City.
Moving on, Ray Casa’s real-estate arms plan to build three commercial buildings, focus on land reclassification and develop AirBnB type vacation villas all over Northern Luzon; accenting on the high education of owning a self-liquidating asset that enables a simple Filipino to buy an asset or a property without cashout.
“We will be maximizing our licenses to the betterment of the community and to deliver our mission vision which is to build wealth to Filipino people by giving them happy homes,” Floresca said, while citing their next legal move against their accusers. “Since the constitutional rights of 24 individuals were glaringly abused as decided by the prosecution, we reserve the right to file charges criminally, civilly, and administratively to liable personnels and actors.”