From: Legacy Group Banks May Be Doomed

[Old55]

Im curious, is David still living in Talisay? :thumbsup:

[Mr Lee]

This thread is a continuation fromhttp://www.welcometothephilippines.com/for...post&p=3284

[johnrxx99]

IMO it's silly being angry with someone other than yourself. I know it's human nature to be greedy and still try and blame but we all make mistakes and in the end have to live with them.Most should get their money back, in the banks anyway.

[Mike S]

From what I have read all those that had savings and regular accounts are supposed to get their money back .... if they have passbooks ...... as far as the get rich 5 year plan it is my understanding that they didn't issue any passbooks and the initial reports say they will not be receiving anything back regardless of the banking insurance ..... but like everything else here it is subject to change ..... but if they find a loop-hole in the regs and don't have to pay .... you can bet your sweet bippy they won't ....... IMHO

[Mike S]

I'm curious, is David still living in Talisay? :th_exactly:

I suspect so but everyone involved with the recruiting (for lack of a better word) is keeping a VERY low profile ...... and as I am a member of many other boards the talk has died down on most of them ...... my guess is that people have finally excepted their fate ........ oh by the way ....... David has some extremely irate ex-customers (or rather his wife's ex-customers) ...... I'm not going to elaborate on how irate as I didn't invest ... but if you check some of the other boards dealing with Central Visayas and do a search you will see just how serious some of these guys are ........ if it were me I would be heading to the mountains and take my chance with the rebels ........Reposted from previous topic because it didn't make sense to leave it there ....... Mike S

[Old55]

Actually I am sorry that I posted about David showing the crew served MG. Cheap shot.I dont know how culpable he and his wife were in that Ponzie scheme but its too late now. That money is GONE.

[Mr Lee]

http://www.manilasta...ness5_jan5_2009At least four rural banks seeking emergency loansAt least four rural banks have gone to the central bank to seek emergency loans after depositors got spooked with the series of closures in December.Sources from the central bank said the rural banks that sought the emergency loans had blamed "contagion" for the heavy withdrawals. The central bank declined to identify the banks.Emergency loan requests of rural banks are not expected to exceed P50 million each because of their small deposits.The central bank listed 672 rural banks as of end-September last year with combined deposits of P113 billion.Banks seeking emergency loans from the central bank may borrow as much as half of their deposits provided they have the collateral to back up the request.The central bank closed 15 rural banks in December. Thirteen of the closed rural banks were allegedly part of the Legacy Group of companies that had offered unsustainably high yields to attract depositors.Some of the banks under the Legacy Group declared bank holidays in December, prompting the central bank to close and put them under the receivership of Philippine Deposit Insurance Corp. The bank holidays declared caused panic among depositors of other rural banks, resulting in huge withdrawals.PDIC is in the process of validating deposit insurance claims from the close rural banks.The Rural Bank of Paraaque was the first in the group closed by the central bank. The bank, closed on Dec. 9 and the flagship unit of the Legacy Group, accounted for some P9 billion of the P15- billion deposits in the group.On Dec. 11, the central bank closed Rural Bank of Nueva Caceres (Naga City), Pilipino Rural Bank in Cebu, Rural Bank of Bais in Negros Oriental and Rural Bank of San Jose in Batangas.On Dec. 12, the central bank closed Bank of East Asia (formerly Banco Rural de Bisayas, Minglanilla, Cebu), First Interstate Bank (formerly the Rural Bank of Kananga, Leyte) and Philippine Countryside Rural Bank in Cebu. On Dec. 16, two more allegedly under the Legacy Group were closed the Dynamic Bank (formerly the Rural Bank of Calatagan) and the San Pablo City Development Bank. Eileen A. Mencias

[Mr Lee]

Now starts the game of how not to pay a claim.http://us.mg4.mail.yahoo.com/dc/launch?.rand=8km8uvq66kuvi PDIC pays deposit claims Updated January 06, 2009 12:00 AM The Philippine Deposit Insurance Corp. (PDIC) will only pay claims that are subjected to examination and evaluation.In a statement, PDIC president Jose C. Nograles clarified that the validity of a claim is determined during the examination of records available in the closed bank and verification of documents and other requirements submitted during the processing of the claim.Claims processing is a rigorous process that involves the careful evaluation of available bank records as well as documents and other requirements presented by the claimant. As part of the validation process, PDIC requires personal appearance of claimants.PDIC claim agents may also conduct interviews with depositors depending on the circumstances of the claim being filed. PDIC staff also have to determine actual funds inflow, among others. Some claims are held for further verification prior to payout to determine their validity.PDIC is examining products that are marketed, solicited, accepted and received in violation of the law or rules of the Bangko Sentral ng Pilipinas (BSP) and products apparently emanating from unsafe and unsound banking practices.PDIC's Legal Affairs Sector will be present conducting studies on deposits allegedly created from proceeds of fictitious loans and from maturing pre-need plans as well as those offering double your money schemes.Claims processes are standard operating procedures to ensure that the bank pays the right person with the right amount as provided by law. This is also a way to safeguard the PDIC's Deposit Insurance Fund (DIF), the source of funds for payout of deposit insurance claims.

[Mr Lee]

First I must say, I do not know the Whittalls personally, but I have heard so much about them from people who live in Cebu and on another forum.OK, look who now wants NBI's help------ David Robert Whittall and his wife SalomeNow I do not wish to jump to any conclusions but three questions begs to be asked, where did they get p33.1 million?? and did it come from the profits they made selling Legacy to others? and if they did, how do they have the nerve to ask the NBI to help them? If it were me, and I am sure glad it is not, then I would be asking the NBI to help those I put into those investments.BTW, I was offered a chance to send people to someone who sold Legacy and I refused because I always felt it was a pyramid, and as long as someone did not get caught on the bottom, then they should have been OK, except when the govt steps in. http://www.philstar.com/Article.aspx?Artic...bCategoryId=107 11 investors seek NBI help vs Legacy Updated January 07, 2009 12:00 AM Cebu - At least 11 investors of the Legacy Group have filed a complaint for alleged "massive frauds" before the National Bureau of Investigation claiming they were defrauded multi-million pesos by the company's pre-need plan "double-your-money program."The victims sought the help of the NBI to investigate the alleged "pyramiding scheme" of the Legacy Group Pre-Need Company.Spouses Nolan and Arlene Diaz of Barangay Dumlog, Talisay City said the "pension buy-back program" of the Legacy Group lured them to invest more than P5 million sometime in February 2006 to November 2008.Under the "buy-back program," popularly known as the "double your money," the investor will allegedly double his investment in three years. Upon signing, the investor will immediately get 10-percent of the plan maturity value.The remaining 90-percent will be paid in a quarterly installment within 12 quarters via post dated checks issued by the Legacy Group.Foreign national David Robert Whittall and his wife Salome of Lawaan, Talisay City initially invested P600,000 in September 3, 2007. They were allegedly issued 12 post-dated checks, wherein four of which, they have successfully encashed.The couple said they placed other buy-back plans until they were able to put up a total of 36 investments amounting to P33.1 million, which has a maturity value of P66.2 million.The other investors who also filed the same complaints with the NBI last Monday afternoon are Patricia and Silvino Maceren, Jr. of Gun-ob, Lapu-Lapu City; Myrna and Sergeno Aldrin of Pajac, Lapu-Lapu City; Peter John Parris of Upper Labogon, Mandaue City; Milton Kaplan of Angeles Pampanga; Martin Croskery and Danesa Tipgos of Pardo, Cebu City; Stanley and Monic Germain of Labogon, Mandaue City; Gerard and Alicia Greenman of Marigondon, Lapu-Lapu City; Jeffrey Collier of Liloan and George and Christine Dayak of Gun-ob, Lapu-Lapu City.All of them claimed they were lured to invest because of the promise that they will double their money in three years.However, the company allegedly filed dissolution last December 8 without informing them. To their surprise, the post-dated checks issued to them were no longer honored by the banks.According to the Diaz couple, the checks issued to them bounced after the Legacy Plans closed its account at East West Bank, Pilipino Rural Bank and Union Bank.The investors wanted the officials of the Legacy Group headed by its owner Celso de los Angeles, Chairman and Chief Operating Officer Norman Tiongson, President Martin Nicolo de los Angeles, Treasurer Carolina Hi

[Jollygoodfellow]

First I must say, I do not know the Whittalls personally, but I have heard so much about them from people who live in Cebu and on another forum.OK, look who now wants NBI's help------ David Robert Whittall and his wife SalomeNow I do not wish to jump to any conclusions but three questions begs to be asked, where did they get p33.1 million?? and did it come from the profits they made selling Legacy to others? and if they did, how do they have the nerve to ask the NBI to help them? If it were me, and I am sure glad it is not, then I would be asking the NBI to help those I put into those investments.BTW, I was offered a chance to send people to someone who sold Legacy and I refused because I always felt it was a pyramid, and as long as someone did not get caught on the bottom, then they should have been OK, except when the govt steps in.http://www.philstar.com/Article.aspx?Artic...bCategoryId=10711 investors seek NBI help vs Legacy Updated January 07, 2009 12:00 AM Cebu - At least 11 investors of the Legacy Group have filed a complaint for alleged "massive frauds" before the National Bureau of Investigation claiming they were defrauded multi-million pesos by the company's pre-need plan "double-your-money program."The victims sought the help of the NBI to investigate the alleged "pyramiding scheme" of the Legacy Group Pre-Need Company.Spouses Nolan and Arlene Diaz of Barangay Dumlog, Talisay City said the "pension buy-back program" of the Legacy Group lured them to invest more than P5 million sometime in February 2006 to November 2008.Under the "buy-back program," popularly known as the "double your money," the investor will allegedly double his investment in three years. Upon signing, the investor will immediately get 10-percent of the plan maturity value.The remaining 90-percent will be paid in a quarterly installment within 12 quarters via post dated checks issued by the Legacy Group.Foreign national David Robert Whittall and his wife Salome of Lawaan, Talisay City initially invested P600,000 in September 3, 2007. They were allegedly issued 12 post-dated checks, wherein four of which, they have successfully encashed.The couple said they placed other buy-back plans until they were able to put up a total of 36 investments amounting to P33.1 million, which has a maturity value of P66.2 million.The other investors who also filed the same complaints with the NBI last Monday afternoon are Patricia and Silvino Maceren, Jr. of Gun-ob, Lapu-Lapu City; Myrna and Sergeno Aldrin of Pajac, Lapu-Lapu City; Peter John Parris of Upper Labogon, Mandaue City; Milton Kaplan of Angeles Pampanga; Martin Croskery and Danesa Tipgos of Pardo, Cebu City; Stanley and Monic Germain of Labogon, Mandaue City; Gerard and Alicia Greenman of Marigondon, Lapu-Lapu City; Jeffrey Collier of Liloan and George and Christine Dayak of Gun-ob, Lapu-Lapu City.All of them claimed they were lured to invest because of the promise that they will double their money in three years.However, the company allegedly filed dissolution last December 8 without informing them. To their surprise, the post-dated checks issued to them were no longer honored by the banks.According to the Diaz couple, the checks issued to them bounced after the Legacy Plans closed its account at East West Bank, Pilipino Rural Bank and Union Bank.The investors wanted the officials of the Legacy Group headed by its owner Celso de los Angeles, Chairman and Chief Operating Officer Norman Tiongson, President Martin Nicolo de los Angeles, Treasurer Carolina Hi