Live Breaking News & Updates on Agno As President And General Manager Of Proact Marketing Services

MANILA - The Court of Appeals (CA) affirmed the conviction for estafa of a trader who claimed he incurred losses after a typhoon ravaged his company's warehouse. The CA's Fourth Division on June 20 affirmed the Makati Regional Trial Court Branch 66 ruling that sentenced Roland Magno up to eight years in prison for multiple counts of estafa and violation of the Trust Receipts Law (Presidential Decree 115). Magno was found guilty by the Makati court in four of five charges filed by Equicom Savings Bank, from which he secured a trust receipt credit line amounting to PHP18 million in 2013. It covered transactions from March to June 2013, with the maturity date between June to September 12 of the same year, for consumer goods supplied by Kraft Foods. Under the terms of the agreement, Magno as president and general manager of Proact Marketing and General Services, Inc. agreed to sell the goods with the obligation to turn over to Equicom the proceeds of the sale or if unsold, return t ....

Cavite City , Roland Magno , Receipts Law Presidential Decree , Fourth Division On , Receipts Law , Services Inc , Kraft Foods , Makati Regional Trial Court Branch , Equicom Savings Bank , Trust Receipts Law , Presidential Decree , Proact Marketing , General Services , Manila The Court Of Appeals Ca Affirmed Conviction For Estafa Ofa Trader Who Claimed He Incurred Losses Aftera Typhoon Ravaged His Company 39s Warehouse Fourth Division On June 20 Makati Regional Trial Branch 66 Ruling That Sentenced Roland Magno Up To Eight Years In Prison Multiple Counts And Violation Trust Receipts Law Presidential Decree 115 Was Found Guilty By Four Five Charges Filed Equicom Savings Bank , Rom Which He Secureda Trust Receipt Credit Line Amounting To Php18 Million In 2013 It Covered Transactions From March June , Ith The Maturity Date Between June To September 12 Of Same Year , Or Consumer Goods Supplied By Kraft Foods Under The Terms Of Agreement , Agno As President And General Manager Of Proact Marketing Services , Nc Agreed To Sell The Goods With Obligation Turn Over Equicom Proceeds Of Sale Or If Unsold , Eturn The Goods To Bank On Aug 20 , Roact 39s Warehouse In Carmona , Avite Was Submerged Due To Inclement Weather , Amaging The Goods And Rendering Them Unfit For Sale Insurance Proceeds Of Damaged Were Assessed At Php248 , 000 The Ca Said Records Showed Not All Goods Were Stored In Cavite Warehouse Some Delivered To Its Warehouses Laguna , Nd Mindoro The Court Said Magno Is Liable For His Quot Failure To Remit Proceeds Of Sale Trust Property Or Account Return Unsold Regardless Arguments That There Had Been No Dishonesty Abuse Confidence On Part Tribunal Under Receipts Law , Ere Failure To Deliver The Proceeds Of Sale Or Goods ,