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]
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]
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]
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]