Multitel
| Industry | Finance |
|---|---|
| Founders | Saturnino Baladjay Rosario Baladjay |
| Fate | Ceased operations |
Multinational Telecom Investors Corporation, commonly known as Multitel or MultiTel, was a finance company used as a platform for a Ponzi scheme by couple Saturnino and Rosario "Rose" Baladjay.[1]
History
Multitel in 1998 began enticing clients to invest in Benefon, a Finland-based telecommunications firm.[2]
In 2001, allegations that Multitel is engaging in scams arose.[3] The Senate held hearings regarding the case.[4] Rose Baladjay would be arrested in March 2003 in Mangaldan, Pangasinan for failing to comply with the Senate's order for her to take part in the hearings.[3] 800 investors along with the Department of Justice, filed cases against syndicated estafa against Multitel, along with Everflow Group of Companies.[5]
In 2013, Rose would be convicted for committing fraud.[3] In 2015, the Baladjays were convicted for Multitel's selling unregistered securities to the public.[6]
References
- ^ Inquirer, Philippine Daily (December 10, 2015). "What went before: Rosario "Rose" Baladjay". Philippine Daily Inquirer. Retrieved April 28, 2023.
- ^ Arcibal, Cheryl M. "'No scam victim has recovered money'". Hong Kong News. Retrieved April 28, 2023.
- ^ a b c See, Aie Balagtas (January 24, 2018). "'Pyramid scam queen' aide nabbed after 15 years". Philippine Daily Inquirer. Retrieved April 28, 2023.
- ^ Conde, Carlos (March 30, 2003). "Investors in Philippine Pyramid Scheme Lose Over $2 Billion". The New York Times. Retrieved April 28, 2023.
- ^ Ferriols, Des. "Syndicated estafa case filed vs company". The Philippine Star. Retrieved April 28, 2023.
- ^ Austria, Jenniffer B. (December 10, 2015). "Makati court finds 'queen of pyramid scams' guilty". Manila Standard. Retrieved April 28, 2023.