A $6.9-million Greenwich estate moved to a Delaware shell company through a quitclaim deed in the same month, and by the same method, as a Massachusetts property previously linked to Martin Romualdez — both transfers executed before the flood control scandal broke.
A luxury estate in Greenwich, Connecticut, listed at $6.9 million (₱425.2 million), has been linked to lawyer Andrew Casiño — a fraternity brother and longtime business associate of former House Speaker Ferdinand Martin Romualdez — through corporate and property records examined by Rappler in an investigation published June 20, 2026. The reporting matters because the Office of the Ombudsman has identified Romualdez, a first cousin of President Ferdinand Marcos Jr., as the "purported mastermind" of the alleged ghost flood control corruption scheme, yet nearly a year after the controversy erupted no formal charges have been filed against him.
What the records show
According to Rappler, ownership of the Greenwich estate was transferred to a Delaware corporation called Lake Corp. through a quitclaim deed signed by Casiño on July 1, 2025. The Greenwich town clerk's office confirmed to Rappler in a May 27 phone call that Lake Corp. is now the property's owner. The home, built in 1991 and designed by architect Robert A.M. Stern, sits in Fairfield County, which recorded Connecticut's highest median household income at $172,432 in 2024, according to US Census Bureau figures cited by the outlet.
Rappler reported that Lake Corp. was incorporated in Delaware on September 12, 2024, with CT Corporation listed as its registered agent. The arrangement — a transfer via quitclaim deed to a Delaware-registered company served by CT Corporation — mirrors that of a Massachusetts property linked to Romualdez, which Rappler reported on in October 2025. Both the Connecticut and Massachusetts transfers, according to the investigation, occurred in July 2025: before the flood control scandal broke out and while Romualdez was facing scrutiny over budget insertions later questioned before the Supreme Court.
US property professionals interviewed by Rappler said quitclaim deeds are generally viewed as "riskier" than warranty deeds and are typically used for "non-adversarial or internal transfers" between parties who "already know and trust each other," such as family members or for estate planning — not arm's-length sales to outside buyers. One broker told Rappler on June 2 that such deeds are "usually used between family members or to clear up title issues where no money is changing hands." Rappler noted the Greenwich estate was not listed for sale on major property websites around 2025, the year the quitclaim was signed.
A lawyer with experience investigating international financial crimes told Rappler that Delaware is a preferred incorporation jurisdiction partly because beneficial-ownership information can be harder to obtain there than in states with stronger disclosure rules, creating "a layer of separation" between a company's public records and those who ultimately control it.
Casiño's ties to Romualdez
Rappler reported that Casiño has sat on the board of Benguet Corporation — a Romualdez-owned firm — since June 2020, and that he and Romualdez joined the Upsilon Sigma Phi fraternity in 1985, with Casiño earning his University of the Philippines law degree in 1991, a year ahead of the former speaker. Sources familiar with Romualdez's inner circle described Casiño as a trusted associate for US transactions, and a separate investigation by journalist Natashya Gutierrez cited by Rappler uncovered at least three transactions involving New York properties owned by Romualdez and facilitated by Casiño.
The investigation also situates Casiño within a recurring pattern. Lawyer Jose Raulito Paras, who joined Upsilon in 1990, is listed as president and 99.9% shareholder of Golden Pheasant Holdings Corporation, which purchased a property at 30 Tamarind Road in South Forbes Park, Makati, for ₱1.665 billion in 2023. Rappler reported that the Ombudsman, in a Sandiganbayan filing, said there is "a marked disparity" between the value of that property and Paras' financial capacity, "clarified when viewed in light of Paras' relationship with Romualdez."
Context and official response
Romualdez has denied all allegations linking him to the flood control scandal. Regarding the earlier Massachusetts transfer, he said it was carried out "solely for property management purposes." As of Rappler's report, the complaints against him remained at the preliminary investigation stage. The most concrete actions taken have targeted his assets and movement: in April, the Court of Appeals ordered the freezing of assets linked to him after finding probable cause tied to alleged plunder, graft, and bribery; he is under a preliminary hold departure order affirmed by the Sandiganbayan; and the United States has canceled his diplomatic and tourist/business visas. The individuals named in the Connecticut records have not publicly responded to the specific findings; the original owners of the estate declined to comment when Rappler reached out on June 2.
Sources
- Rappler — "Romualdez associate, frat brother linked to another US property worth P425M" (June 20, 2026): https://www.rappler.com/newsbreak/investigative/united-states-property-martin-romualdez-fraternity-brother-andrew-casino/
- Rappler — "Martin Romualdez transfers P130-M US property to corporation for just $1": https://www.rappler.com/newsbreak/investigative/martin-romualdez-us-property-transfer-corporation-ties/
- Rappler — "Who is Jose Raulito Paras, a key figure in Romualdez-linked dealings?": https://www.rappler.com/philippines/things-to-know-jose-raulito-paras-martin-romualdez-dealings-properties/