Pyramid scam queen gets longer prison term

MANILA, Philippines - The Court of Appeals (CA) has affirmed the conviction of pyramid scam queen Rosario Baladjay, owner of Multinational Telecom Investors Corp. (Multitel), for duping investors of their money.

The CA also modified the sentence imposed on Baladjay from four years to 13 years in prison.

In a decision released yesterday, the appellate court’s Ninth Division upheld an earlier verdict handed down by the Muntinlupa City regional trial court finding Baladjay guilty of estafa. 

The CA dismissed the businesswoman’s petition assailing the lower court’s decision.

“Contrary to the assertions of appellant, her false pretenses and representation regarding the stability of her company and the assurance of a return of investment, were used to defraud the complainants,” the ruling penned by Associate Justice Victoria Isabel Paredes declared.

Associate Justices Isaias Dicdican and Elihu Ybañez concurred with the ruling.

The estafa case stemmed from the complaint filed by spouses Moises and Augustina Butac who were duped in the Multitel investment scam in 2002.

In its verdict, the trial court ordered Baladjay to pay the Butacs P100,000 and the cost of the suit.