Dan Ivan Caluyo
  • 2 months ago
Arnold Clavio
Transcript
00:00In the amount of P1,000,000, more than P4,000 will be invested in Alanganin.
00:10Rosario Baladzay is an ordinary person.
00:12An ordinary person who just wants to help the small and poor people.
00:17The Multitel Pyramiding Business.
00:20They are expecting a lot of money to be invested.
00:24But the growth seems to be in vain.
00:28Where did all our money go?
00:31Where did it go?
00:34So the million dollar question really is, even at this time,
00:37where did the money go?
00:39I don't know what's in her mind.
00:41But the only thing that's clear is up to this time,
00:44the billions of pesos is still nowhere to be found.
00:47And I think that is a secret that Ms. Baladzay will bring to her rocking chair.
00:52Will they be able to get their money back?
00:55All of that is investors' money because there was a validation of claims.
01:00But why up to now, why didn't Amloc initiate a bill?
01:03And they also want it to go in favor of the government.
01:08That's cruel for us.
01:10Good evening, I am Arnold Glavio.
01:12Yesterday's questions will be shared with us here on Case Unclosed.
01:25Good evening, I am Arnold Glavio.
01:26Good evening, I am Arnold Glavio.
01:35Morning, is everyone ready?
01:39Josephine, a 4-year-old girl from a wealthy family,
01:43is not her real name.
01:46She is a Filipino-Chinese who works for an insurance agency.
01:56Hi, are you busy?
01:58No, I'm not.
01:59May I?
02:01Come in.
02:03I have a business.
02:06It's multi-term.
02:08You will invest 1 million and you have 50,000.
02:12Really?
02:13Yes.
02:14So what will be my insurance when I invest?
02:18Don't worry, a lot of people invest here.
02:20Really?
02:21Yes.
02:22In 2000, she learned from her office in Senaida about Multi-Term, an investment company.
02:31So all you have to do is just place your money and we will give you a post-dated check.
02:36We are interested because we are in the financial business.
02:40So we sell.
02:42So that's what motivated me.
02:44I said, okay, even if it's just a little, let's start.
02:46Let me see.
02:50Dad, this is yours.
02:51This is the new business.
02:54Josephine is willing because of her great interest in Multi-Term.
02:58She didn't hesitate and she was consulted as soon as possible.
03:02I'm not sure if I can do it.
03:04I'm not sure if I can do it.
03:06I'm not sure if I can do it.
03:08I'm not sure if I can do it.
03:10Her husband and his children were consulted.
03:13Let's do it.
03:14If we can get a post-dated check, she will be rich, dad.
03:17Let's go to the disco.
03:18Do you want to do it?
03:19Yes.
03:21Mom, your garden is so beautiful.
03:23I haven't seen it yet, dad.
03:25In April 2000, Josephine started investing in Multi-Term for P100,000.
03:33She got it from the small amount of money in the bank.
03:36From this amount, she was promised by Multi-Term the 5% monthly interest.
03:42Don't worry, you won't regret it.
03:45So I said, why not try?
03:46As I have extra money saved,
03:49at the same time, my husband is semi-retirement,
03:53so we put it.
03:55He went to my house and then they got my check.
03:58Then they immediately netted the 5%.
04:00Hi, you're here.
04:02Hi, Josephine. Good afternoon.
04:06Good afternoon.
04:11Have a seat.
04:13I told you, I'll be back.
04:15As I promised you, your monthly interest.
04:18Wow, that's so big.
04:21Josephine was more deceived to invest in Multi-Term.
04:25Even her husband, children, and some relatives gave money for the investment.
04:32I have a surprise.
04:33What is it?
04:35Ta-da!
04:36Dad, this is the first check that I received.
04:39Wow.
04:40It's so big, right?
04:41Let's start this again.
04:42Yes, dad.
04:44Three months after Josephine first invested,
04:47her family invested P1,000,000 in Multi-Term.
04:53Yes, because for P1,000,000, if you get 5%, you'll get P50,000, right?
04:58So, it's more than enough to really support the family needs.
05:04I'm also a risk-taker.
05:07So, we said, since we know the person who invested in us, let's give it a try.
05:15And when they are giving it every month, we hope it's not bad.
05:21This is Josephine, our new investor.
05:24Oh, hi, Josephine.
05:25Nice to meet you.
05:26Nice to meet you.
05:27Please have a seat.
05:29Josephine also had the chance to meet the owner of Multi-Term, Rosario Baladjay,
05:36in his office in Makati.
05:38You know, we have a lot of investors here, not just here in the Philippines, but also abroad.
05:43Oh, she was really avant-garde.
05:46She was wearing a gold gown.
05:52You'll be impressed, because she can really carry herself.
05:55We were convinced, unfortunately.
05:58We were convinced of her plans.
06:02It's a telecom.
06:04That's why Multi-Term, they are more gearing up on a telecom, setting up a telecom company.
06:11Because Rose came from Eastern Telecom.
06:14That's the background we learned about.
06:23Rosario Baladjay started a small lending business in 1988.
06:31His business grew and Multi-Term became a formal lending company in 2000.
06:38Rosario Baladjay is an ordinary person.
06:41An ordinary person who just wants to help small and poor people.
06:46The money he got from his investment in Multi-Term was used for other business of the company,
06:54like Rob Realty, Cell Mode, a cellphone business, Rose Gold Hotel and Resort,
07:02Richville Travel and Tours, Multicap Detective and Security Agency,
07:07SMB Security Agency, Multi-Term Consultancy, and Multi-Term Communications Corporation.
07:16If at all, she's a very good marketer.
07:21She was able to market the idea of Multi-Term not only to her counsellors,
07:27but also to the people her counsellors approached.
07:30In fact, she would even conduct a very big affair.
07:34And there she invited several politicians.
07:37And if you are an investor, you will be dazzled by the people that Baladjay knew.
07:41You would think that there is nothing wrong with what Ms. Baladjay was going to do.
07:46In 2002, Josephine started Calbario.
07:50She invested in Multi-Term for almost two years.
08:04Regularly, I felt it happened to me in September.
08:09Because at that time, I was not able to give my full interest.
08:13So it was cut off.
08:15So they told us, the counsellor told us,
08:18it's just temporary because there will be a problem in arranging the papers in the SEC.
08:31Until the money that Josephine invested in Multi-Term went up in smoke.
08:36Until the money that Josephine invested in Multi-Term went up in smoke.
08:40It reached 7 million pesos.
08:53The money that was supposed to be used for her early retirement,
08:57was gone.
09:01Of course, it hurts.
09:02Of course, it hurts because you earned it.
09:05Then you saved it.
09:07You thought this would be the way to recover.
09:10That's your retirement.
09:12It's better if you still have your children studying.
09:18According to Francisco Culayco, a financial expert,
09:21Multi-Term made a kind of pyramid.
09:24A scheme where the first to receive will benefit from the promised big income.
09:31Until I get recruited, I can pay you.
09:35That's not the end of it.
09:37In fact, everyone in the pyramid is the first to earn.
09:40The last ones, I'm sorry,
09:42of course, the time will come when they won't be able to recruit anymore.
09:47Because what I'm paying for the recruitment is not enough for what I'm earning.
09:52I won't be able to sustain that.
09:55No matter what, it will collapse.
09:57And it will collapse.
10:00In addition, Culayco said,
10:02it's impossible to earn the interest that Multi-Term promised to its investors.
10:09I don't know of any business that can be guaranteed.
10:13Year by year, month by month, 5% per month.
10:17We don't realize that there's a fundamental principle in money.
10:23It says, in English it says,
10:26all returns are risk-driven.
10:30It means, you can't earn without risk.
10:36The Securities and Regulation Code does not allow this type of business.
10:41A lending company can only receive an investment from no more than 10 people.
10:48This is countered by Multi-Term,
10:50which claims that there's an investor who can earn up to P40,000.
10:54If the license is removed, it will be punishable to anyone who is proven to be loyal to this company.
11:01Multi-Term issued a cease-and-desist order.
11:05For now, this cease-and-desist order is considered permanent.
11:09And any business operation that will take place here using the funds of Multi-Term,
11:15we do not allow that.
11:17Because there are many pending cases in the court,
11:21and there are still investors who haven't recovered their investment.
11:30According to the Securities and Exchange Commission,
11:33Multi-Term does not have a sufficient license to receive money from the public as an investment.
11:38The lending company used the license of Multi-Term,
11:41and they are not allowed to receive investment from the public.
11:46In the case of Multi-Term, it was an ordinary corporation.
11:51Although it was selling investment contracts,
11:54it was doing it here, hidden from the SEC.
12:00Through the received complaints of the SEC,
12:04the irregularity of Multi-Term was discovered.
12:11In November 2002, Baladjai hid after a warrant was issued against him.
12:17All the transactions of Multi-Term were suspended.
12:22But after four months, March 11, 2003,
12:25Rosario Baladjai was arrested in Pangasinan after a warrant was issued against him.
12:31He was immediately taken to the police station.
12:35Baladjai faced the public through the following Senate hearing on March 14 and March 19, 2003.
12:47Baladjai's story in the Senate Committee Hearing,
12:49on October 4, 2003,
12:52and his family in Anilaw, Batangas,
12:54together with Julius Pentebelia,
12:56one of the directors of Multi-Term,
12:58and Joey Palomar, his trusted friend.
13:02There, two people were prepared to follow the plan,
13:05together with Willie Wicoco,
13:07who is also one of the members of the security agency owned by Multi-Term.
13:10Baladjai's family will run to China,
13:14but Baladjai refused the plan.
13:20In his trial in Laisay,
13:22Baladjai said that he cannot refuse his obligation
13:25and that he can pay for all of these.
13:31You have a warrant.
13:33You need to sign this,
13:35so that the assets of Multi-Term will be transferred to us.
13:37But after a week,
13:39Pentebelia, Palomar, and Wicoco did something.
13:42They signed a deed of trust on him that night.
13:47He transferred all of his assets to their custody.
13:52Baladjai did this because he was confused.
14:04According to Baladjai,
14:06they were left in Anilaw,
14:08and after a week,
14:10his whole family started to move.
14:13He was arrested in March 2003.
14:18Rosario Baladjai was charged with syndicated estafa
14:22and was proven guilty in January 2008.
14:26He was sentenced to reclusion perpetua
14:29or life imprisonment.
14:34For many investors who were victims of Multi-Term,
14:38the court needs to decide
14:39if he will remain in the court of so-called assignees
14:42or he will be the guardian of all of the assets of Multi-Term.
14:46Dr. Rafael Manalo is one of the investors of Multi-Term.
14:51As a receiver,
14:53my primary duty is to preserve the assets of the debtor.
14:58That's why all annotations on the assets of the debtor were made.
15:04And then, also one of the duty of the assignee,
15:09of the receiver,
15:11is to validate the claim of the investors.
15:19Because of the high price of Multi-Term,
15:22estimated to be around 15 billion pesos,
15:25the court started to investigate the assets of Baladjai
15:29that can be confiscated and divided by the claimants.
15:34The court found out where Baladjai's investment is.
15:38We recovered a million pesos.
15:42This is the claim or overpayment of one of Baladjai's corporations.
15:48There is another recovery from a bank,
15:51but it's not much as well.
15:53It's only 100,000 pesos.
15:55According to the court,
15:57only 101,100,000 pesos were recovered from the assets of Multi-Term.
16:01It's far from the 15 billion pesos that the claimants are chasing.
16:07But we're still hoping that we can find properties.
16:11Because there are many who say that there are properties like that.
16:14Until such time that we are given documents
16:18to show that it's really his property or he bought it.
16:21We're limited to what we have discovered so far.
16:25In an interview with Baladjai's lawyers,
16:28he said that he has a 300 million dollar account in the United States.
16:33He said that he will pay.
16:36We went there.
16:38But before we went there, we had to go to the insolvency court
16:42and ask the court to allow us to travel and to check all these accounts.
16:46We went to New York.
16:48Well, it's a bad omen. We really couldn't find anything.
16:53So the million dollar question really is, even at this time,
16:56where did the money go?
16:58I don't know what's in her mind,
17:00but the only thing that's clear is up to this time,
17:03the billions of pesos is still nowhere to be found.
17:06And I think that is a secret that Ms. Baladjai will bring to her racking chair.
17:11Along with the investigation,
17:14the Anti-Money Laundering Council filed a case against Multi-Term.
17:19According to the law,
17:20Amlok has the power to freeze all its assets
17:25that are being investigated by a group or individual like Multi-Term.
17:30Because of the great significance, Amlok needs to be included in the issue.
17:35This is according to Republic Act 9160 or Anti-Money Laundering Act of 2001.
17:41More or less 50 million pesos.
17:44Because that's what we froze.
17:46That's what we chased.
17:47Because you know,
17:49we need a lawful activity case
17:53before we can go ahead with the money laundering case.
18:01Despite the feelings of Josephine, one of Multi-Term's thousands of investors,
18:06it seems that Amlok is dragging them to get their money back.
18:11So we thought, we will camp the government here.
18:14But for now, we are very, very disappointed.
18:17Speaking on behalf of all the investors.
18:20Up to now, we really don't know how much was freezed by Amlok.
18:24What I know is that in Lima,
18:27Amlok can only hold the money for two months.
18:30And it should be proven that this is laundered money.
18:33But it's not.
18:35We proved it in our civil case in Montilu Backcourt
18:40that all of that is investors' money because there was a validation of claims.
18:46But why up to now, why wasn't Amlok revealed?
18:50And they want it to go in favor of the government.
18:54That's cruel for us.
18:56It's like we can't see justice there.
19:01They made a mistake there.
19:03First of all, Amlok doesn't accept a single cent.
19:09From all the civil forfeiture and other cases that Amlok is filing with the courts.
19:16What we did was to put the funds under legal custody
19:22so that all the victims will have their payment.
19:28The call of investors like Josephine to the government
19:32is to help them get their hard-earned money back.
19:36Rosario Baladzay has been in the Correctional for Women for two years.
19:42Until now, her mouth is still shut.
19:45Where did she bring the billions of pesos that were entrusted to her by innocent victims?
19:52Her husband and her partner, Baladzay, were also found guilty.
19:56That's the only consolation for us.
19:59At least there was justice.
20:00Right?
20:02Instead of her being gone, abroad or what, she was totally fooled.
20:06This is all we saw.
20:08At least she's there.
20:10She's suffering.
20:12In September 2009, there were 252 lending companies in the country.
20:18The Securities and Exchange Commission, or SEC,
20:22is monitoring her so that what happened in Multitel won't happen again.
20:26The Enforcement Department, they're keeping their eyes and ears open.
20:32If there are reports, they immediately investigate it.
20:36Because the information and data that we get from the public is a big deal.
20:45We also call the public every now and then.
20:48If there are doubtful investment schemes that are coming out,
20:51we just let them know about our response.
20:57Josephine is just one of the 40,000 victims of the Multitel scam.
21:04She is very grateful that unlike others,
21:08her family remained strong in the face of adversity.
21:12The most important thing is to hold on to God.
21:15Your faith in God will really...
21:18That's what will make you strong.
21:20Your faith in God.
21:22That everything works for a purpose.
21:25Many are still hoping to get their money back,
21:29the money that will be used for the better future of their family.
21:33We just want to call Rose.
21:35Rose, I hope that you're still true to your word
21:38that you will give us our money back,
21:40no matter where we invested our money.
21:42In the midst of a fierce battle,
21:45one day came to Josephine's mind.
21:49I do not place all your investment in one basket at the same time.
21:53The greed factor, it should not be there.
21:58Just invest in something that you're sure of, even if it's a small interest.
22:06Next Wednesday, I am Arnold Glavio.
22:09The questions of yesterday will be answered today,
22:12here on Case Unclosed.
22:35Case Unclosed