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What is RMF Corporation Investment Scam Charges about?

The Royal Manchester Five Trading Corporation and its officials were accused of scamming over 3,000 investors in a P2.1 billion pyramid scheme. Investors were promised monthly profits of 3-5% but could not withdraw their money as checks bounced and bank accounts were closed. Criminal charges including syndicated estafa were filed against RMF president Cyrus Yap Hao and other officials. Religious leaders were also blamed for promoting the scam. Lawmakers called for investigations of RMF officials and freezin

Author

Joemilee Quitilen

Language

EN