THE Makati Regional Trial Court Branch 56 has convicted “pyramiding queen” Rosario “Rose” Baladjay and her husband of violating various provisions of the Securities Regulation Code, the Securities and Exchange Commission said Wednesday.
The court sentenced the Baladjays, who duped investors out of their money through their Multinational Telecoms Investors Corp., to seven years of imprisonment for each of the 65 counts of violation of the SRC.
The court also ruled that the Baladjays are to be held civilly liable to indemnify the complainants about P8 million.
The modus operandi of Multitel and other related companies was to attract investors by offering as much as 4 percent guaranteed monthly interest or 48 percent per annum for a minimum investment of P10,000 or “double-your-money” rate in case the investor opts to avail himself of the 18-month lock-in investment scheme.
The Prosecutor’s Office of Makati City, after receiving a complaint from the SEC, charged Saturnino Baladjay and Rosario Baladjay for violations of Section 8 of the SRC for selling or offering for sale or distribution of unregistered securities to the public.
Each violation of the SRC is punishable, upon conviction, with a fine of not more than P5 million or imprisonment of 7-21 years, or both.
Baladjay, who was arrested in Pangasinan in 2002, had been previously convicted of syndicated estafa.
Recently, the SEC also filed two cases against EmGoldex, Global InterGold, and Prosperous Infinite Philippines Holdings Corp. and the people behind them, namely Kevin del Mundo Miranda, Ryan Manuit, Charles Juiz Padilla, Raahbel Ymas, John Rafael Calicdan, Jose Victoria Cajita, and Paul Alviar.
The cases were filed before the Justice Departmnt for violations of Section 8 and 28 of the SRC.
The Philippine National Police also filed two additional cases against the same respondents for syndicated estafa.
SEC chairperson Teresita J. Herbosa said the government aims to push for greater financial transparency to not only protect Filipino investors, but to increase overall investor confidence in the Philippines.