Multitel

Last updated

Multitel
Industry Finance
FoundersSaturnino Baladjay
Rosario Baladjay
FateCeased 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]

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References

  1. Inquirer, Philippine Daily (December 10, 2015). "What went before: Rosario "Rose" Baladjay". Philippine Daily Inquirer. Retrieved April 28, 2023.
  2. Arcibal, Cheryl M. "'No scam victim has recovered money'". Hong Kong News. Retrieved April 28, 2023.
  3. 1 2 3 See, Aie Balagtas (January 24, 2018). "'Pyramid scam queen' aide nabbed after 15 years". Philippine Daily Inquirer. Retrieved April 28, 2023.
  4. Conde, Carlos (March 30, 2003). "Investors in Philippine Pyramid Scheme Lose Over $2 Billion". The New York Times. Retrieved April 28, 2023.
  5. Ferriols, Des. "Syndicated estafa case filed vs company". The Philippine Star. Retrieved April 28, 2023.
  6. Austria, Jenniffer B. (December 10, 2015). "Makati court finds 'queen of pyramid scams' guilty". Manila Standard. Retrieved April 28, 2023.