Husband and wife Cerrone and Marve Posas were arrested last month at their home in Phetchaburi after the revocation of their permission to stay in Thailand and the implementation of INTERPOL’s Red notice issued by the National Central Bureau (NCB) Manila.
In an Inquirer.net article, Mr. Cerrone Posas has 155 outstanding warrants of arrest in the Philippines for syndicated estafa.
During a press conference of the Royal Thai Immigration Bureau, the Thai government has determined sufficient grounds to revoke the couple’s temporary stay due to “being fugitives and [are] wanted by a foreign government.” The couple is now on the list of prohibited persons.
According to the same report, Posas was the president and CEO of Organico Agribusiness Ventures Corporation in the Philippines.
Posas’ company is accused of operating a Ponzi scheme, which was later confirmed by the Securities and Exchange Commission in 2021. They allegedly promise “double your money”, starting with a P3,600 payment for a piglet, and would increase to P7,000 after 3 months. The company also utilized crowdfunding to offer shares.
Aside from that, Posas is also running a business in Thailand as the managing director of a commercial real estate firm, ERA Phetchaburi.
The Department of Justice has filed charges against Organico, including Marve Posas and its officers for violating the Securities Regulation Code in relation to the Cybercrime Prevention Act of 2012.
In further investigations, the DOJ set a resolution on September 3, 2021 that the “business operations carried out by respondent Organico is in the form of a Ponzi scheme whereby purported returns to existing investors are culled from funds contributed by new investors.”
The Department of Foreign Affairs Division discovered that the Posas couple first entered Thailand as tourists on May 19, 2019. Since then, they have exited and re-entered the country using whatever visa is granted to them.
The Posas were still luring OFWs in Thailand into the scheme, however, no formal complaints were filed against them in Thailand.