MANILA, Philippines - A court has sentenced to at least 455 years in prison “queen of pyramiding” Rosario Baladjay and her late husband Saturnino for 65 counts of violations of the Securities Regulation Code (SRC).

The Makati City Regional Trial Court Branch 56 court sentenced the Baladjays to the straight penalty of seven years of imprisonment each for 65 counts.

The court also ruled that the Baladjays are to be held civilly liable to indemnify the complainants with an amount totaling P8 million.

Baladjay owned and operated Multinational Telecom Investors Corp. (Multitel), which had duped hundreds of investors in the so-called pyramiding business of some P20 million.

Lalaine Monserate, assistant director for the SEC’s Enforcement and Investor Protection Department, said each count of violation of the SRC (selling or offering for sale or distribution unregistered securities to the public) is punishable by seven years imprisonment.

Monserate said the 77-page decision on Baladjay was issued by the court last Nov. 2 but was only received by lawyers of the Securities and Exchange Commission (SEC) last Dec. 2.

The Prosecutor’s Office of Makati City, after receiving a complaint from the SEC, charged Saturnino and Rosario for violations of Section 8 of the SRC.

Each violation of the SRC is punishable, upon conviction, with a fine of not more than P5 million or imprisonment of 7 to 21 years, or both, the SEC said.

Monserate said the SEC filed 127 counts of SRC violation against the Baladjays but only 65 prospered.

“Many of the complainants have refused to continue with the case because it had already dragged on for so long and they believe that their money will no longer be returned,” she said.

Originally, the couple operated Multitel which was not registered with the SEC.

The SEC then issued multiple cease and desist orders against Multitel and its officers, leading the accused spouses Baladjay to register Multitel International Holdings Inc. (MIHI) with the SEC.

The MIHI, though registered with the SEC, used several conduit corporations to continue their illegal operations.

Last Nov. 6, the SEC also filed two cases against executives of EmGoldex, Global InterGold (GIG) and Prosperous Infinite Philippines Holding Corp. (PIPHC) before the Department of Justice (DOJ), also for violations of Section 8 and 28 of the SRC.

The Philippine National Police also filed two additional cases against the same respondents for violation of Presidential Decree 1689 (syndicated estafa), the SEC said.

Baladjay was arrested in March 2003 in Mangaldan, Pangasinan.

In February 2008, Makati RTC Judge Cesar Untalan convicted Baladjay of the crime of syndicated estafa and sentenced her to a minimum penalty of 12 years and a maximum penalty of life imprisonment.

On May 9, 2008, Baladjay was transferred from Makati City Jail where she was imprisoned since 2003, to the Correctional Institution for Women in Mandaluyong City.