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A and B form a two-person syndicate to defraud three victims by selling non-existent 'exclusive investment certificates' in a fictitious theme park project called Lunaria World. They collect PHP 5,000,000 through bank deposits and issue receipts; they later divide the funds between themselves; the project never materializes. Victims demand refunds; A and B evade. They are charged with swindling by syndicate under Presidential Decree No. 1689. (a) Is A liable for swindling by syndicate? (b) Distinguish swindling by syndicate from ordinary estafa (RPC Art. 315). (c) If A is the 'leader' and B the 'co-conspirator,' discuss their liability under the syndicate doctrine.

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