MANILA, Philippines – The Court of Appeals upheld the decision of the Muntinlupa City Regional Trial Court convicting Rosario Baladjay for enticing people to invest in her Multinational Telecom Investors Corporation (Multitel) that turned out to be a Ponzi scheme.
The court on Oct. 9, 2012 convicted Baladjay and sentenced her to suffer a penalty of up to 13 years in prison.
In a decision promulgated Feb. 5, 2015, the appeals court, through Associate Justice Victoria Isabel Paredes said the prosecutors were able to prove beyond reasonable doubt that Baladjay managed to convince complainants to invest in her company, which later turned out to be part of a scheme.
“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 complainants,” the appeals court said.
“Her representations were the very reason complainants decided to part with their money, but, to their consternation and dismay, this was not to be and, consequently, they suffered damage due to appellant’s fraudulent acts. These circumstances proved beyond reasonable doubt appellant is guilty as charged.”
Court records showed that complainant Moises Butac and wife Agustina invested in Multitel in 2002.
At the start, they were receiving interest but after five or six months, it stopped.
Upon learning that Baladjay went in hiding, the couple terminated their investment and sought the return of their money. They eventually filed a complaint with the Department of Justice (DOJ), which took the case before the Muntinlupa court that eventually convicted Baladjay.
The decision was concurred in by Associate Justices Isaias P. Dicdican and Elihu A. Ybañez, the CA’s 9th Division denied the appeal filed by Baladjay.