Westmont Investment v. Francia

Summary

The Francia family invested nearly P4 million with Westmont Investment Corporation in 2000 expecting 11% returns over 43 days. When Wincorp failed to return their investments at maturity, they sued both Wincorp and Pearlbank Securities, which was named as the borrower in rolled-over confirmation advices. The trial court dismissed the case against Pearlbank due to insufficient evidence but held Wincorp solely liable after it waived its right to present evidence. The Court of Appeals affirmed, rejecting Wincorp's claim that it merely acted as agent for the Francias in lending to Pearlbank. The Supreme Court upheld the decision, emphasizing that agency relationships must be proven by evidence and that courts cannot consider documents not formally offered during trial. Wincorp was ordered to pay the full investment amount plus interest and attorney's fees, demonstrating the importance of proper evidence presentation and the liability of investment companies to their clients.