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P3.2B stock scam: NBI arrests Derwin Wong’s brother in Madrid, but Gaisano son-in-law still at large

By Nancy Carvajal

The brother of the son-in-law of bilyonaryo Eddie S. Gaisano Sr. has finally fallen into the hands of authorities after a nearly year-long global manhunt.

Agents of the National Bureau of Investigation (NBI) arrested in Madrid, Spain Davidson Wong, brother of stock market trader Derwin Ngo Wong whose brokerage firm DW Capital Inc. allegedly swindled dozens of rich clients, including selling without authorization shares owned by his mother-in-law.

The 42-year old Davidson was brought back to the Philippines last Saturday (January 25) by NBI Assistant Director for Intelligence Eric Distor, NBI Interpol chief Ronald Aguto, and Special Investigator Reynaldo Gabionza.

“The long arm of the law, caught up with him after he fled the country instead of facing the charges against him. This is a warning to other fugitives of the law, even abroad the government and the NBI can work for your arrest and serve justice to victims,’’ Distor said in an exclusive interview with Abante(a sister publication of Bilyonaryo).

Distor, Aguto and Gabionza flew to Madrid to acquire jurisdiction over Davidson. The Madrid court approved extradition proceedings against the fugitive Davidson, treasurer of DW Capital, who lives at Kawayan Road, North Forbes Park.

Davidson and Derwin were charged with syndicated estafa in April 2019 for the alleged unauthorized trading of P24 million stock investments in DW filed by Gaisano’s daughter, Valerie Gaisano-Sebastian, and his wife, Judy Gaisano.

Davidson is treasurer of DW Capital who is responsible for the firm’s financial activities, including issuance of corporate checks.He allegedly issued checks of the proceeds of shares sold by Valerie and Judy to other persons as part of their swindling scheme.

The NBI agents believe that the investment scam allegedly masterminded by Derwin was much bigger than reported as the estafa case filed by the Gaisanos was just the tip of the iceberg.

“The Gaisano family is just one of the victims, the money involved could be around P3.2 billion from other victims,” Gabionza said.

Only Derwin was arrested by the police in April 2019 as Davidson and the rest of the accused went scarce after the issuance of their warrants.

According to the NBI, Davidson fled initially to Hong Kong where the Wong family owned a travel agency.

NBI’s Aguto said Wong used his Hong Kong national passport to fly to Madrid last year. “But by then we had already asked for Red notice for the suspects, including his father and sister and the others accused of the syndicated estafa,” Aguto said.

Aside from Davidson and Derwin, the other persons charged in the syndicated estafa case were their father, DW chief financial officerWong Chung Yin also known as “David Wong”, Derick N. Wong, Dianne N. Wong , Lucy Chua, Juvy Ting, Susan Luis, Beverly Ansay, Leonardo Marzan and four other officials and employees of DW Capital.

Derwin and the rest of his co-accused are still at large.

In her testimony, Valerie claimed that after her sister Eda Frances Gaisano married Derwin, the stock trader encouraged the Cebuano-based Gaisano family members to invest in stocks.

Valerie claimed that they entrusted their shares to Derwin who was based in Manila.

She later discovered that her shares with Derwin were missing in 2017. In her complaint, Sebastian claimed DW Capital had committed “unauthorized, fraudulent and deceitful acts” by allegedly selling the complainant’s shares of stocks without her knowledge and consent.”

Eda’s marriage to Derwin has reportedly been annulled. They have three children.

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