Foreclosed property investor Dinna Revilla arrested?

James Ryan Jonas

The latest news in the Philippine real estate investing industry is that Dinna Revilla, a renowned “guru” of foreclosed property investing in the country, was arrested yesterday due to accusations of estafa.

Revilla, author of the foreclosed property investing book Riches in Foreclosures and mentor to Think Rich! Pinoy author Larry Gamboa, allegedly misappropriated the invested money of beauty queen and TV host Miriam Quiambao and four other people.

Snippets from news reports of thePhilippine Star and Manila Standard below.

Miriam Quiambao files raps vs realty firm

Former beauty queen Miriam Quiambao and four others filed a syndicated estafa case yesterday against an alleged incorporator of a real estate investment company before the Manila City Prosecutor’s Office.

NBI agents apprehended Dinna Lynn Revilla, the president of Bonaventure Investors Realty Society Inc., which has offices at 407 Praise Condominium on Santillan street in Makati City. The firm’s incorporators — Antonio Revilla, Sheree Revilla, Ramon Cuervo III, and Gloria Petate — have also been named as respondents.

Dinna Lynn allegedly convinced the complainants to put their money in a property investment and guaranteed hefty profits in a short span of time, according to the NBI-NCR.

Navarro, Dinna Lynn’s apprentice, allegedly discovered misappropriations and discrepancies in the property investment and told the complainants about the status of their investments.

The complainants “discovered that their investment earnings were misappropriated and that their property investment were indeed already foreclosed… due to the non-payment of its corresponding monthly amortizations in the bank,” said Villarta.

– from the Philippine Star


Bonaventure execs face syndicated estafa raps

Government agents arrested one of the incorporators of a real estate firm accused of syndicated estafa by former beauty queen and television host Miriam Quiambao and four other people.

Dinna Lynn Revilla, president of Bonaventure Investors Realty Society Inc. with offices at 407 Praise Condominium, Santillan St., Makati City, was arrested by agents of the National Bureau of Investigation in an entrapment at a mall in Manila.

The other incorporators were identified as Antonio Revilla, Sheree Revilla, Ramon Cuervo III and Gloria Petate.

The case stemmed from the complaint of Quiambao, Esperanza Dela Cruz, Maria Cristina Avenido, Karen Ann Navarro and Sheila Lim.

Investigation showed that Bonaventure executives convinced the victims to invest in real estate with a guaranteed return (of investment).

The firm asked money from the victims to purchase foreclosed properties. The money for the amortization was to be paid by the firm to the bank for their “investment” and they would receive a return once the properties were purchased and rented out.

Despite the lapse, the firm still demanded money from the investors amounting to P300,000 to “fix” the problem.

– from the Manila Standard


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James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.