Ricardo Cepeda found himself in legal trouble as he was arrested on charges of syndicated estafa.
The 57-year-old, whose real name is Richard Cesar Go, was taken into custody by operatives from the Quezon City Police District (QCPD) during an operation at a restobar along Mabini Street in Maypajo around 11 a.m.
In a heartfelt Facebook post today, Mark B. De Sequera, Ricardo’s son, rallied support for his father and claimed that Ricardo had been wrongfully accused. He described the situation as “absolutely heartbreaking” and sought to shed light on his father’s predicament.
Mark explained that Ricardo’s involvement with a sales company had led to his endorsement as a brand ambassador, a title commonly used in various industries. The said company introduced an investment scheme, in which Ricardo had no knowledge or participation.
The scheme promised substantial monthly profits, with advanced payouts in the form of postdated checks. As issues arose, including checks bouncing, investors pursued estafa cases against anyone they believed was linked to the company. Ricardo, being a celebrity model, was among those implicated.
Mark asserted that Ricardo’s innocence could be easily established by presenting a copy of the Department of Trade and Industry (DTI) registration, demonstrating that the company operated as a sole proprietorship with no association to Ricardo’s name.
Moreover, Ricardo’s name did not appear on any investment memoranda of agreement (MOAs) or postdated checks related to the investment scheme.
Ricardo was served a warrant of arrest for syndicated estafa, a charge defined in Article 314 of the Revised Penal Code in connection with Presidential Decree 1689. This warrant was issued by Regional Trial Court Branch 12 Judge Gemma Bucayu-Madrid in Sanchez Mira, Cagayan. Detailed information regarding the charges against Ricardo remained undisclosed as of Saturday afternoon.
Presidential Decree 1689 prescribes a penalty of life imprisonment for syndicates comprising five or more individuals organized with the intention of executing unlawful or illegal activities resulting in the misappropriation of funds contributed by stockholders, members of rural banks, cooperatives, “samahang nayon(s),” or farmers’ associations, or solicited from the general public by corporations or associations.
Following his arrest, Ricardo Cepeda was transported to the QCPD headquarters at Camp Karingal for documentation.
