The Philippines doesn’t make a lot of news in the securities enforcement world. When the Philippines Securities and Exchange Commission does prosecute and convict someone for a major securities fraud, however, it doesn’t play around!
The Philippine Star reported this week that Rosario Baladjay, known in the Philippines as the “Queen of Pyramiding,” was sentenced to “at least 455 years in prison” for 65 counts of violations of the Securities Regulation Code (SRC). The court sentenced Baladjay to seven years in prison for each of the 65 counts, and also found her and her late husband civilly liable in the amount of P8 million (approx. U.S. $168,000).
