tom_shor Posted January 7, 2009 Posted January 7, 2009 Like I said never invest money in these things that you can't afford to throw away because every investment is a risk. I had been thinking about getting in but I wanted to see how things went. Glad I waited. Link to comment Share on other sites More sharing options...
johnrxx99 Posted January 7, 2009 Posted January 7, 2009 (edited) As they were sales people for the scheme and no doubt took commission, it is laughable. If you look back on his numerous Yahoo postings he may regrete the NBI action as he will, in court, probably be drawn in and give a signal to those he introduced to start a similar action against him for complicity.I had a few emails with him a year or so ago. He pumped the scheme to such an extent than an ordinary man in the street could claim he was either an Independant Financial Advisor or an agent for Legacy (I seem to recall he called himself the former). If the former, what due diligence did he perform? As an advisor, surely he should have known about the level of risk as no credible investment gives such returns and therefore he may be negligent and liable.If the latter, he could claim stupidity and was only doing what he was paid to do but that would not sound good in Court, suing your employer because you fell for the same words you were using to sell the scheme.This mini-Madoff will run and run. In the US people are starting action against advisors, accountants and anything that moves who had a link to Made-off. The lawyers will be happy. Edited January 7, 2009 by johnrxx99 Link to comment Share on other sites More sharing options...
Mike S Posted January 7, 2009 Posted January 7, 2009 Well if you throw enough poop on the wall some will stick ....... so now comes the finger pointing by those that would have profited the most from this scam ........ best way to avoid suspicion is the old smoke and mirror ploy ....... and for those that profited the most are now sobbing, wringing their hands and crying foul ........ oh dear ...... I don't feel a bit sorry for them and I hope they get exactly what they deserve ..... squat .... except what the Philippine government can charge them with .... the leaders or agents knew exactly what they were doing and I don't feel any pity or remorse for them except maybe it didn't happen sooner ...... I do however feel bad for the ladies that were talked into helping perpetuate this fraud ....... but they will be the ones to suffer any criminal punishment ...... we all we can do is see and hope the truly guilty ones are punished and deported ....... Link to comment Share on other sites More sharing options...
Mr Lee Posted January 7, 2009 Posted January 7, 2009 (edited) IMO, this sentence pretty much sums it up "Except for San Pablo City Development Bank, all were found by central bank examiners to be undercapitalized during their latest audit done on July 31, 2007. They were found to have an aggregate capital deficiency of P2.5 billion. The banks all operate under the aegis of the Legacy Group, which is primarily involved in selling pre-need plans." and IMO, anyone who continued to sell Legacy after that date is no doubt guilty of knowingly trying to cheat people. Edited January 7, 2009 by Mr. Lee Link to comment Share on other sites More sharing options...
Mr Lee Posted January 10, 2009 Posted January 10, 2009 http://www.sunstar.com.ph/dumaguete/legacy...-your-claim-secLegacy to investors: File your claim to SECTHE Legacy Group has urged its investors in the closed banks in Negros Oriental to file their claims with the Security and Exchange Commission (SEC).The more than hundred investors of Legacy Banks in Negros Oriental have attended the Investors Forum held at Plaza Maria Luiza in Dumaguete City Tuesday, hoping to get their money back.They are the investors of the Pilipino Rural (PR) Bank in Dumaguete City and the Rural Bank of Bais (RBB) in the cities of Bais and Tanjay which declared bank holidays, together with other Legacy banks nationwide on December 7, 2008. Legacy spokesperson Lawyer Inocencio De La Cerna Jr. told Sun.Star that Legacy has already turned over the company's assets to SEC.De La Cerna explained that Legacy cannot pay the investors, the reason that SEC will appoint liquidators to pay its more than 600 investigators nationwide.He, however, admitted that there is no definite time table when the investors will start getting their money back.At present, he said, legal processes are still going on.The lawyer has asked investors to file their claims and wait.De La Cerna, however, said Legacy cannot stop investors to file charges against the company but it will turn useless."They will spend money for filing fee and their lawyers but still useless because the SEC will tell the court that the case is already on their jurisdiction," said de la Cerna in Cebuano.De la Cerna also said that all depositors will be paid by the Philippine Deposit Insurance Corporation (PDIC).He said depositors will get their money back 30 days from now.The Legacy spokesperson also assured that the bank will pay the balance of the P250,000 insured by PDIC.He, however, stressed that it also depends on the bank assets that will be sold.De La Cerna also admitted that he does not know which bank has enough assets to pay the depositors. But he said one of the Legacy banks has an asset amounting to P1.8 billion. (VLC) Link to comment Share on other sites More sharing options...
tom_shor Posted January 12, 2009 Posted January 12, 2009 On paper. Who knows what's really there. Link to comment Share on other sites More sharing options...
johnrxx99 Posted January 13, 2009 Posted January 13, 2009 Oh look, I have an asset. A cheque from the Legacy Group! Link to comment Share on other sites More sharing options...
tom_shor Posted January 13, 2009 Posted January 13, 2009 Oh look, I have an asset. A cheque from the Legacy Group!Maybe someone will buy it. :thumbsup: :th_thimage_265775: Link to comment Share on other sites More sharing options...
Mr Lee Posted January 13, 2009 Posted January 13, 2009 (edited) Oh look, I have an asset. A cheque from the Legacy Group! Maybe someone will buy it. :thumbsup: :th_thimage_265775: Yes, someone can frame it and use it to remember how many people got the shaft.I am sorry to those of you whole lost money in Legacy, but anything that is too good to be true, is a scheme that someone thought up to part people with their money. I hope you all get your money back. Edited January 14, 2009 by Mr. Lee Link to comment Share on other sites More sharing options...
Mr Lee Posted January 14, 2009 Posted January 14, 2009 http://www.abs-cbnnews.com/business/01/14/...nks-reach-p14-bDeposit claims of 15 closed rural banks reach P14-B--------------------------------------------------------------------------------abs-cbnNEWS.com | 01/14/2009 8:20 PMDeposit insurance claims from clients of the 15 rural banks closed by the Bangko Sentral last December are expected to reach P14 billion.This represents nearly 10 percent of the P150 billion assets of the entire rural banking system.The deposit claims consist of over 133,000 individual deposit accounts, of which about 62 percent were accounts with P100,000 and below. The rest were over P250,000.All 15 banks were put under receivership by the BSP in December and the Philippine Deposit Insurance Corporation (PDIC) was directed to facilitate the settlement of the claims by depositors beginning with the examination of accounts.PDIC president Jose Nograles said the agency has enough funds to cover these claims.The pay out however, would substantially reduce PDIC's deposit insurance fund, which based on preliminary estimates, stands at P60 billion.Nograles said the agency hired an external auditing firm to speed up the settlement of the claims. Without external assistance, Nograles the settlement could drag up to August.Previously, Nograles said the PDIC had only started processing the claims of the G7 group of rural banks that were closed earlier in 2008. "Now we have to start on these newly closed banks, we're stretched thinly," he said.According to Nograles, the PDIC had solicited proposals from auditing firms accredited by the Bangko Sentral ng Pilipinas (BSP) and so far has received response from the SGV & Associates as well as Punongbayan, Manabat KPMG and Lipana."According to the auditing firms we have talked to, it would take them two to three weeks to finish examining these accounts," Nograles said.Nograles said much of the questionable transactions such as splitting and fictitious accounts were concentrated in the bigger deposit accounts of over P250,000.The 15 rural banks that closed include 13 rural banks under the Legacy group of companies, which are being investigated for unsound banking practices.The two other rural banks unrelated to the Legacy group are the Community Rural Bank of San Joaquin in Iloilo and the Rural Bank of Nueva Caceres in Naga Cityas of 01/14/2009 9:49 PM Link to comment Share on other sites More sharing options...
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