The Department of Justice commended Senior Assistant State Prosecutor Lagrimas T. Agaran for securing seven criminal convictions of a former banker for the fraudulent rediscounting with the Bangko Sentral ng Pilipinas (BSP) of fictitious loan accounts of five alleged bank borrowers in the total amount of more than P3M.

After plea-bargaining, Gamaliel de Guzman Ledda, Jr., former Vice President of the defunct Homeowners Savings & Loan Association, Inc. (HOSLA), pleaded guilty to three counts of Estafa through Falsification of Commercial Documents, two counts of Estafa and two counts of violation of Section 21 of Republic Act No. 7906 (Thrift Banks Act of 1995).

The Quezon City Regional Trial Court-Branch 217 meted Ledda, Jr. the penalty of imprisonment of from four years and one day to six years for each of the three counts of Estafa through Falsification of Commercial Documents; from four years, two months and one day to six years for each of the two counts of Estafa; and six years for each count of violation of RA 7906, which he will "serve simultaneously".

Further, the court ordered him to pay a fine in the total amount of P35,000. In addition, pursuant to the Compromise Agreement executed by Ledda, Jr. with the BSP, he was ordered to pay BSP one-third of the aggregate loan value of the questionable accounts or P1,109,334 for a period of five consecutive years or 60 consecutive months.

Justice Secretary Emmanuel L. Caparas lauded Prosecutor Agaran for the execution of the plea bargaining agreement between Ledda, Jr. and the BSP, leading to the resolution of the cases. He assured that "the DOJ will prosecute to the fullest extent of the law violation of banking laws to maintain the public's trust in the country's banking system.”