The Court of Appeals has affirmed the conviction of pyramiding scam queen Rosario Baladjay for estafa for defrauding investors to put their money on her Multinational Telecom Investors Corporation (Multitel).
In a decision released Wednesday, the CA’s Ninth Division sustained the verdict handed down by Muntinlupa City regional trial court (RTC) on October 9, 2012 finding Baladjay guilty of committing the crime of estafa.
The appellate court held that she was indeed guilty beyond reasonable doubt.
“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 CA said in a ruling written by Associate Justice Victoria Isabel Paredes.
“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’s guilty as charged,” the CA added.
The appellate court modified the sentence imposed on petitioner to imprisonment of four years and two months to 13 years.
Associate Justices Isaias Dicdican and Elihu Ybañez concurred with the ruling.
The estafa case arose from the complaint filed by spouses Moises Butac and Augustina Butac, who were duped in the Multitel investment scam in 2002.
In its verdict, the lower court held that the prosecution has proven the guilt of Baladjay as it sentenced her to suffer the penalty of imprisonment and ordered her to pay the Butacs the amount of P100,000 and the costs of the suit.