Latest among this scames were the Franc-Swiss scam and Royal Manchester Five Trading Corp., the company that allegedly duped about 3,000 people of some P2.1 billion in a pyramid investment scheme.
Royal Manchester Five managed to finance the monthly post-dated checks they gave out to clients by enticing more clients and encouraging old clients to keep renewing their contracts.
Dellarazabal renewed his contract on Feb. 25, but the checks given to him were dishonored by Asia United Bank on Feb. 27.
The company was able to raise P400 million more after it raffled off two BMW 320s on Feb. 29. On March 4, Hao and San Juan were reported to have fled the country.
For a FULL FEATURE on this ARTICLE CLICK HERE.