what is syndicated estafa

Syndicated estafa is a form of fraud wherein multiple individuals are deceived by a group or syndicate operating with a common purpose. It is different from simple estafa, which is punished under Article 315 of the Revised Penal Code, while syndicated estafa is punished under Presidential Decree No. 1689. The crime of syndicated estafa is committed when fraud is employed to the prejudice of another person, and it may be committed in several ways, such as through unfaithfulness or abuse of confidence, by false pretense or fraudulent acts executed prior to or simultaneous with the commission of the fraud, by other fraudulent means, or by swindling or other deceits. The elements of syndicated estafa are: (a) estafa or other forms of swindling as defined in Articles 315 and 316 of the Revised Penal Code is committed; (b) the estafa or swindling is committed by a syndicate of five or more persons; and (c) the estafa or swindling results in the misappropriation of money contributed by stockholders, or members of rural banks, cooperative, "samahang nayon(s)," or farmers association, or of funds solicited by corporations/associations from the general public. The penalty for syndicated estafa is significantly heavier than that of simple estafa, and it is punished by life imprisonment to death.