Royal Manchester Five update: 8 officers charged with estafa
May 25, 2008
The latest development on the Royal Manchester Five (RMF) scam: the National Bureau of Investigation filed charges last week against eight officers and incorporators of the RMF Ponzi scam.
Charged with estafa at the Department of Justice (DOJ) were:
- Cyrus Hao, RMF board chair and president;
- Edwin Rosas, senior vice president;
- Rowena Uy, treasurer-chief finance officer;
- Joseph Bualoy, chief operations officer;
- Joesedev Colina, executive vice president;
- Cyril Alexander Digo, sales agent;
- Estrella Digo, sales agent; and
- Clarence Lao, sales agent
The charges were based on the complaints filed by 27 investors victimized by the Ponzi scam.
Some months ago, dozens of RMF investors trooped to our site to air out their experiences investing with RMF. Most of them talked about losing money, sometimes reaching millions of pesos.
Where are they now? Why were there only 27 complainants?
- Royal Manchester Five forum discussion (Part 4)
- Royal Manchester Five forum discussion (Part 3)
- Royal Manchester Five forum discussion (Part 2)
- Royal Manchester Five forum discussion (Part 1)
- Scam confirmed: RMF Trading Corporation
- (With pics) Wanted: Cyrus Hao of Royal Manchester Five Trading Corp.
- Cyrus Hao worked for Rose Baladjay, the ‘Queen of Pyramiding’
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