Cyrus Hao worked for the ‘Queen of Pyramiding’
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.
The Manila Standard reported that Cyrus Hao started recruiting people for Royal Manchester Five shortly after Multitel was shut down with Baladjay’s arrest in 2003.
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.
