Ponzi scheme operator victimizes Pinoys again

By Balitang America Staff

Posted at Jan 28 2011 11:00 AM | Updated as of Jan 28 2011 07:00 PM

SAN DIEGO – A Filipino ponzi scheme mastermind and his accomplices have been charged with another scam targeting the Filipino community in San Diego.

A grand jury indicted Edmundo Rubi, Joseph Encarnacion, Benjamin Hebron and Gloria Hebron with felony counts of fraud, grand theft and perjury among other charges, on January 11.

Rubi, who was already convicted once before of a separate ponzi scheme, was sentenced to 70 months in supervised custody. Officials say he victimized over 400 fellow Filipinos out of $24 million.

The district attorney said Rubi ignored the conditions of his parole and started a new scam. The Federal Bureau of Investigation (FBI) arrested him again last July after a joint operation with the district attorney.

His new alleged investment scam reportedly victimized members of the Filipino community again. It was dubbed the “Apocalypse Trust” and “Amerisian Trust”.

Ben and Gloria Hebron reportedly administered the trust. If convicted, the defendants face up to 15 years in state prison.