The president, treasurer, and secretary of ABC Corporation were charged with syndicated estafa. The Information alleged that the three accused, through ABC Corporation and DEF Management Philippines, Incorporated, conspired to defraud Virna, Lana, Deborah, and several other persons by falsely pretending to be engaged in a legitimate foreign exchange trading business when neither corporation was licensed or authorized to do so, and that the defraudation pertained to funds solicited from the public in general, resulting in damage of at least P20,000,000.00 to the complainants. Will the case for syndicated estafa prosper? Explain. (2010 BAR)