chimellie Posted September 17, 2009 Posted September 17, 2009 Just letting you guys know that I am still getting 20% interest deposited into my savings every month...strange, but I am not complaining. Link to comment Share on other sites More sharing options...
Mike S Posted September 17, 2009 Posted September 17, 2009 Chi ... not sure you want that getting out ....... Link to comment Share on other sites More sharing options...
tropicalwaste Posted September 20, 2009 Posted September 20, 2009 Just letting you guys know that I am still getting 20% interest deposited into my savings every month...strange, but I am not complaining.Thats where all the money went Link to comment Share on other sites More sharing options...
chimellie Posted September 22, 2009 Posted September 22, 2009 Just letting you guys know that I am still getting 20% interest deposited into my savings every month...strange, but I am not complaining.Thats where all the money went Yeah i wish ! Link to comment Share on other sites More sharing options...
Britster Posted December 21, 2010 Posted December 21, 2010 FYI: The PDIC have paid 98.4% of all our submitted Bank Deposit Claims, so can hardly be called a 'Scam' if you get most of your money back as well as all the interest earned over the years. OK so it took from 6 months to 21 months from Bank Closure to get that 98.4%, and lost Interest on such Deposits since December 2008. From the rough calculations, I still made 17%pa on my BEA Deposits that I started in April 2005. Overall, factoring in the time from December 2008 to the PDIC paying the claim for each Deposit, and averaging out across all claims, it still came to over 9%pa, which is still considerably better than putting the same funds in commercial Banks. Having said that I placed Php3M on Deposit with HSBC in June 2004 and got 8.3%pa Gross (6.64% Nett). I borrowed Php1.5M to build a house, then took out another AssetLink Loan that eventually totalled another Php1.7M, for more Peso time Deposits, in Rural Banks paying 20%pa (or higher). If I can get paid by the PDIC (eventually), then so should all others who submitted claims for Deposits in any of those Legacy Group Banks. One had to jump through several Hoops before the PDIC would pay, they lost submitted claims and delayed posting of letters and Payment Checks, so I asked The Office of the Ombudsman if the PDIC allowed to delay the mailing of letters up to 44 days! I also got the Office of Senator MAR Roxas to endorse requests for 'Status Updates'. I also contacted Certification International, Philippines, asking how come they issued ISO9001 Quality Control to the PDIC when their procedures were flawed since they lost submitted claims, say there was lost or destroyed Bank Documents (yet the President of the Bank willing to swear in court that all 'BEA' Records and Documents were 100% intact when PDIC took over). Delayed mailing of letters for up to 44 days and Delayed mailing of Payment Checks by 1 month from date on Check. I was also going to contact the International Association of Deposit Insurers in Switzerland to complain about their Member, PDIC being Worst Class Deposit Insurer, not 'World Class' Can't say the same for the Pre-Need Buy Back, as I have nearly Php10M in dishonoured checks from that including the 11 x Checks totalling Php487,500 that should have funded the balance of our 2 x Deposits in Rural Bank of Polangui. I only put in less than Php1M however, and just kept reinvesting and reinvesting in attempt to achieve 10 x My Money Back in 3-6 Years. I knew the Risks, but offset these to some extent by funding them from the Advanced Interest of certain Peso Time Deposits offering Hybrid 6. I placed Php250,000 into Hybrid 6 Peso Time Deposit, and the Bank paid me the Interest for Months 61-72 (Php50,000), up front as Tax Free Cash Lump Sum. Yet I was receiving 20%pa on the Php250,000, making it effectively 25%pa on Php200,000. It was that Php50,000, the Interest from Year 6, that funded my Pre-Need Buy Back (PNBB2) placements. We advised others to do the same. They were getting 41.6%pa from the PNBB2 until about October 2008 when the LCPI Checks started bouncing. and getting effectively 25%pa on thier Peso Bank Deposits. OK so the PNBB2 ROI stopped and so did the Interest from the Banks. If they followed my suggestion then the PDIC paid them their NETT Deposits back, so they did not lose anything their. In most cases the 25% Interest on that Php200K Nett Deposit and the 41.67%pa from the PNBB2, would have covered the loss on that Pre-Need Pension Contract, but that may not have been totally lost, if the SEC had made sure 51% went into the Trust Fund? OK so the Senate Inquiry showed that to be a SCAM, and the SEC were not doing their job of Control and Regulation (and now shifted to the Insurance Commission) I also lost money (Php4M) on becoming a Sub-Dealer of V8 Motorcycles & Parts Dealer since Catherine L. Soronio, did not spend the money us 'Angel Investors' had given to buy OEM Motorcycles direct from 'Zongshen' in China, despite the Bank Guarantee explicitly stating that the funds so raised be used exclusively for the expansion of that Motorcycle Business.Strange how those who never put any Funds in the Rural Banks, nor the Pre-Needs Pension Funds, are the ones shouting 'SCAM'! Video News Reports of Celso's arrest and my wife translated what Celso was saying. Basically he regrets being led by another party to syphon off these funds. Philip Piccio, President of PEP Coalition has also 'hinted' that there is some 'Mastermind' behind all this. I think there could well be something behind this. Hardly likely that syphoning off of funds from Pension Plan Trust Funds and from Bank Deposits, went on since 1988, when they first offered "Double Your Money in 5 Years". 11 Years without being detected or collapsing is rather a long time. Perhaps these problems/trouble only started when Fusion Capital Corporation came on the scene, in mid 2008, offering to buy out all the Legacy Group Banks from Celso? story_id=121488912122296300'>Craig Berkman's case slips a fast one past U.S. attorney1 Jul 2008 ... I'm speaking, of course, of the case of Craig Berkman, who was recently found liable in Multnomah County Circuit Court for bilking local ...www.portlandtribune.com/news/story.php?story_id... Link to comment Share on other sites More sharing options...
Mr Lee Posted December 22, 2010 Posted December 22, 2010 I did not get into the Legacy mess because I am not a gambler, so I am no expert on it, but what the above post fails to mention is that many people who were selling Legacy were pushing the non PDIC versions of it because of the higher payouts and thus the probably higher commissions, and a lot of people (all the people) did lose their money who bought into those schemes. Link to comment Share on other sites More sharing options...
Tom in Texas Posted December 23, 2010 Posted December 23, 2010 So.......... would you buy a low milage cream puff used car from this guy? ... or perhaps a double your money in five year investment? Link to comment Share on other sites More sharing options...
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