RMF’s Cyrus Hao worked for Multitel’s Rosario Baladjay
March 20, 2008
Cyrus Hao, chief executive of Royal Manchester Five, apparently learned the ropes from Rosario “Rose” Baladjay, owner of pyramid scam Multinational Telecom Investors Corp. (Multitel), for whom he worked for prior to starting his own pyramid operation.
Rose Baladjay is known as the “Queen of Pyramiding” in the Philippines after her Multitel company scammed more than P100 billion ($2.5 billion at the current exchange rate) from around 2 million investors. She enticed investors with guaranteed returns of 4-5% per month or, as an alternative, a double-your-money offer or 100% return after 18 months.
Hao formed Royal Manchester Five tapping close friends Joesedev Colina, Edwin Rosas, Joseph Bualoy and Rowena Uy as incorporators. They hired Renato San Juan and made him vice president of marketing.
Under San Juan were people in multi-level networking, such as Mytextbiz, which was involved in a mobile phone loading network, and Powerhomes Unlimited Corp., which allegedly victimized overseas Filipino workers (OFWs) by promising them an opportunity to own a house and lot package by paying an enrolment fee of $298.
San Juan’s top agents were known as RMF’s “marketing professionals” and came from those networking firms. They were Eric Magtabog, Angelina Mendoza and husband Noel, Eric Ungsod, Harry Soriano, Ferdinand Tolentino and Dennis Abarra.
For each client’s investment, the top agents received 8% commission and the San Juans 9%.
The top agents were born-again Christians and members of religious groups such as The Lord’s Assembly, the Baptist Victory Church, and The Jesus Cornerstone Christian Ministries. Tolentino, a member of The Jesus Cornerstone Christian Ministries, successfully recruited the group to invest P4 million in the scam.
Hao and San Juan are reported to have already fled the Philippines on March 4, after duping thousands of RMF investors more than P2.1 billion ($51 million) worth of money.
Discuss RMF in the Royal Manchester Five (Part 3) thread in the PMT Forum.
Other relevant readings:
- (With pics) Wanted: Cyrus Hao of Royal Manchester Five Trading Corp.
- Scam confirmed: RMF Trading Corporation
- Royal Manchester Five discussion (Part 2)
- Royal Manchester Five discussion (Part 1)
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