Rural bank execs get jail time for approving P6.5M fake loans
Justice is served 10 years later.
A local court granted jail time and penalties to former directors and officers at the closed Rural Bank of Milaor based in Camarines Sur.
In a statement, the Bangko Sentral ng Pilipinas (BSP) said they have secured the conviction of bank director Evelyn Cueto Ramirez and president Pepito Cilos for approving falsified loans for the bank way back in 2008.
The Municipal Circuit Trial Court of Camaligan-Gainza-Milaor ruled them guilty of falsification of commerical documents and for violating the New Central Bank Act.
Ramirez processed and grant four fictitious and fraudulent loans in the names of Conrado Colarina, Arthur Deliva, Riza Dioneda, and Flordeliza Grayda, totaling P6.5 Million. This led to a “misinterpreted” loan portfolio for the now-fallen bank.
Ramirez has been sentenced six months to three years in jail and a P3,000 fine for the first case, and at least one to three years for the second charge.