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Legacy Group Owners Death


Thelandofku-an

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Thelandofku-an

MANILA, Philippines (4th UPDATE) - Legacy Group owner Celso de los Angeles, who was facing numerous cases of syndicated estafa for allegedly masterminding the Legacy insurance and pension scam, died Tuesday morning at St. Luke's Medical Center in Quezon City, the hospital admission's office said.

 

 

http://www.abs-cbnnews.com/business/03/27/12/legacy-group-owner-dead

Quote:

Legacy Group owner dead
ABS-CBNnews.com
Posted at 03/27/2012 10:15 PM | Updated as of 03/28/2012 9:35 AM

 

MANILA, Philippines (4th UPDATE) - Legacy Group owner Celso de los Angeles, who was facing numerous cases of syndicated estafa for allegedly masterminding the Legacy insurance and pension scam, died Tuesday morning at St. Luke's Medical Center in Quezon City, the hospital admission's office said.

His death was disclosed by Cathy de Aros, a St. Luke's admitting section staff.

De los Angeles' lawyer, Noel Malaya, confirmed his death. He gave no specific cause for delos Angeles' death.

De los Angeles had been undergoing treatment for throat cancer since late 2010.

He was brought from Tacloban City to Metro Manila last October 1, 2011 after the Regional Trial Court Branch 12 in Ormoc City granted his motion to travel to Metro Manila to be treated at St. Luke's Medical Center.

Philip Piccio of the PEP Coalition, the nemesis of De los Angeles, also said he also received a text message from one of their members about the Legacy owner's death.

'Swindling syndicate'

De los Angeles left behind a P30-billion financial mess and a string of unsettled lawsuits related to the Legacy Group. 

De los Angeles was facing multiple syndicated estafa charges filed by the Philippine Deposit Insurance Corporation (PDIC) with the Department of Justice (DOJ) for the collapse of 13 Legacy-member rural banks.

Legacy Group's collapse affected at least 130,000 bank depositors in the Central Visayas alone.

The Bangko Sentral ng Pilipinas accused De los Angeles being the brains behind a "swindling syndicate" that employed exorbitant investment schemes to amass depositors’ money and then later siphoned off a total of P30 billion public and government funds to corporations he controlled.

He allegedly used some of the money for his election campaign.

All Legacy banks had an estimated total deposit liability of P24 billion when they collapsed.

De los Angeles, who was detained at the Ormoc provincial jail before he became ill, was also charged with "creation of fictitious loans" before the DOJ.

The PDIC -- the statutory receiver of Legacy rural banks shut down in 2008 -- filed the criminal case after it gathered evidence on almost P40 million-worth of fictitious loans.

The loans were allegedly made by borrowers, some of them also fictitious, with San Pablo City Development Bank (SPCDB), a Laguna-based rural bank under the Legacy Group.

PDIC is paying a total of P14 billion in insured deposits in the Legacy banks.

De los Angeles was not arraigned on many of the lawsuits he faced because of his failing health.

Atty. Inocencio dela Cerna, another lawyer of De los Angeles, told ABS-CBN News in a text message Tuesday night that his client can no longer be included in the lawsuits related to the Legacy mess because he has died.

"Will inform all courts on the matter for the eventual dismissal of all his criminal cases," he said.

Legacy mess

However, the Legacy-related lawsuits will continue for other defendants.

Overseas Filipino workers, military and police personnel, and even the government were among those caught in the Legacy mess.

De los Angeles, an Albay town mayor, was touted as the local version of American multibillion-dollar swindler, Bernard Madoff. The disgraced Wall Street financier, who faced 11 criminal counts, was sentenced to 150 years in prison.

Edited by Thelandofku-an!
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samatm

What a Legacy he has left.    (sorry  :) )

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fred42

There were a lot of his (de los Angeles)agents around at the time that had a lot of people fooled on his behalf..Im not saying that they knew that this thing was an utter scam etc but when they were warned on forums  and certain yahoo groups that chose to ignore the warnings as "everything" was covered by PDIC.

Many of the protesters were banned and thrown off these Yahoo groups by the Admin as it may have affected sales and commissions.

Personally I am surprised that they were not questioned and perhaps charged along with de los Angeles!!

Lots of lives ruined  because of greed IMO..

Time to move on...Live and learn?..

Till the next big thing I guess.

Edited by fred42
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smokey

There were a lot of his (de los Angeles)agents around at the time that had a lot of people fooled on his behalf..Im not saying that they knew that this thing was an utter scam etc but when they were warned on forums  and certain yahoo groups that chose to ignore the warnings as "everything" was covered by PDIC.

Many of the protesters were banned and thrown off these Yahoo groups by the Admin as it may have affected sales and commissions.

Personally I am surprised that they were not questioned and perhaps charged along with de los Angeles!!

Lots of lives ruined  because of greed IMO..

Time to move on...Live and learn?..

Till the next big thing I guess.

i thought the copy cat scams were even more outlandish the V8 motorcycle one was a classic selling a bike to someone and collecting a payment every day like that would work 

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fred42

i thought the copy cat scams were even more outlandish the V8 motorcycle one was a classic selling a bike to someone and collecting a payment every day like that would work 

 

 

I cant be sure but I seem to remember some of these schemes promising up to 40% interest per anum!! (cant remember if tax free or not)

What better way to finance a life in paradise except when everything went pearshaped?

It might be more palatable had I read  some public apologies.

Perhaps these apologies were issued and I just missed them for some reason.

Edited by fred42
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smokey

I cant be sure but I seem to remember some of these schemes promising up to 40% interest per anum!! (cant remember if tax free or not)

What better way to finance a life in paradise except when everything went pearshaped?

It might be more palatable had I read  some public apologies.

Perhaps these apologies were issued and I just missed them for some reason.

you did not miss them they were never there 

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A_Simple_Man

Atty. Inocencio dela Cerna, another lawyer of De los Angeles, told ABS-CBN News in a text message Tuesday night that his client can no longer be included in the lawsuits related to the Legacy mess because he has died.

So does that mean his heirs can keep any of his money with no repercussions and no one gives a damn that he stole it in the first place?
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smokey

So does that mean his heirs can keep any of his money with no repercussions and no one gives a damn that he stole it in the first place?

Well of course people can sue his estate but i would advise anyone over 35 to reconsider as it could stretch on longer then you have time 

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SkyMan

I think they need to DNA test the body.  I'm just sayin...

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smokey

I think they need to DNA test the body.  I'm just sayin...

well if you want to know everything about the guy just ask our forum expert on all things legacy 

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Thelandofku-an

I think they need to DNA test the body.  I'm just sayin...

 

Well please note that only the admissions clerk claimed that death had occurred by throat cancer and the deceased's lawyer confirmed it!!!   :sarcasm:

 

Sorry if I let the cat among the pidgeons, I had no idea there were any agents on this forum?   :not_me:

Edited by Thelandofku-an!
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David_LivinginTalisay

Not sure about the reason and motive for raising this old 'News Item' about the alleged death of Celso G de los Angeles Jr, more than 1 year after it went into print.

 

No quoted references to the previous Threads on this Forum either.

 

 

Fixed deposit rates?

Posted by David_LivinginTalisay on 17 June 2012 - 11:20 PM in Banking, Investing & FOREX

 

 

Mga langyaw mikiha og estafa sa 4 ka negusyante 
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Earning a Living in Cebu 
Posted by 
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Future retirement income for expats under age 50
Posted by David_LivinginTalisay on 27 September 2009 - 04:09 PM in Income: Retirement Checks, Social Security, Etc.

 

 

I was blocked from posting to the Banking and Forex Thread on this Forum, then Banned from this Forum altogethr, so don't accuse me of 'Promoting' the 'Double Your Money in 5 Years' Peso Time Deposits.

 

It was Nestor Abello Jr that was 'Promoting' on this Forum, via a 3rd Party. Nestor was the so called 'Agent' that 'facilitated' my initial Deposits into Bank of East Asia in 2005, and some subsequent ones.  I stopped using the Services of 'Nestor' on learning from a German, on 'PMT Forum', that Nestor was no longer and Agent for Legacy Consolidated Plans Inc.

 

My wife was invited to become and 'Agent' by a Regional Vice President of LCPI, so I used my wife for all Deposits thereafter.

 

This is probably why I got banned from this Forum, as it could be potential conflict with using 'Nestor'.

I merely made it public knowledge I had discovered such Rural Bank Deposits existed, that were covered by PDIC coverage.

 

If one placed Deposits, in these Rural Banks, having followed all the Rules regarding Anti Money Laundering, signing of Banks Forms, Signing of 'Specimen Signature Cards', with personal appearance, and depositing funds with an Audit Trail (Cashiers Check from a Commercial Bank (like HSBC for example), there is no reason why any Depositor should NOT have had their Claim honored for the Nett Deposit by the PDIC (albeit it taking a lot longer than it should have done in some cases).

 

I had a Yahoo Group for such Double Your Money Peso Time Deposits in Philppine Rural Banks, so I did not need this Forum.  But that 'Private' Yahoo Group got 'hacked' from a hacker from 'Pune', that created  Blog of the same name and was publishing the Private Messages of that Yahoo Group.  I created a Wetpaint Wiki Group, that was open to all genuine Depositors to act as a HELP Group as it seems I was not welcome on some other so called action group.  Onne did however need to complete a Form, giving a valid Philippines Address (that was GEO filtered and rejected if not posting from stated area).  Some of the Depositors who used the services of Nestor, joined that Wiki Group for help and advice,i since they said Nesor had done nothing to help, give suggestions or directions on how to lodge an appeal, if the PDIC rejected, what should have been a valid Claim (if one followed my suggestions of Bank Forms, personal appearance, audit trail etc).

 

The 'Pre-Need Buy Back' was something else entirely.  I had misgivings about this, which is why I did not put any money in such, to start with.  I did 'risk' some funds, that we could afford to lose, and got back more than the initial investment on the earlier ones.  Yes we lost some money in that, but was mostly re-invested income and commission.

 

The Senate Inquiry into the 'Pre Needs Industry' is what casused the collapse of the 'Legacy Empire' of Celso G De Los Angeles Jr., or was it something else.

 

Check through those 'Threads', that I referenced above, to discover perhaps what was the real truth?

 

Where was the DNA anaylis of the alleged Cancer of the throat tissues.   Why no News announcements/coverage on his Funeral.  Or  that of SEC Commissioner Jesus Martinez either.   Was Celso's body cremated (so his body can't be dug up for DNA analysis, to prove it was his body, and really is dead).  

 

Seems if one has enough money in the Philippines (gained from whatever source), it can keep you out of a Jail Cell, halt or delay impeachment trail process, create illnesses, or even death to make the case, disappear or get lost.

 

Look at his legal representative "Atty. Inocencio dela Cerna, another lawyer of De los Angeles"

 

Ah, the same legal representative that Catherine L. Soronio is using.  

 

I am surprised that  Philip Piccio went very quiet also.

 

 

 

 

 

 


 

Edited by David_LivinginTalisay
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Thelandofku-an

Not sure about the reason and motive for raising this old 'News Item' about the alleged death of Celso G de los Angeles Jr, more than 1 year after it went into print.   No quoted references to the previous Threads on this Forum either.

 

Sorry David clerical error, my tired old eyes read 2013, or maybe the link was screwed up like my air crash posting before?(Updated as of 03/28/2012 9:35 AM)!

 

I entered it in the LINC search box before posting too!

 

Lots of people lost money on his previous "Pre-need education plan" too, so I felt duty-bound to report it, albeit on it's anniversary it seems!

Edited by Thelandofku-an!
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David_LivinginTalisay

Sorry David clerical error, my tired old eyes read 2013, or maybe the link was screwed up like my air crash posting before?(Updated as of 03/28/2012 9:35 AM)!

 

I entered it in the LINC search box before posting too!

 

Lots of people lost money on his previous "Pre-need education plan" too, so I felt duty-bound to report it, albeit on it's anniversary it seems!

 

Philip Picio was the champion behind Pre-Need Education Plans since he had lost funding for putting his daughter through College.  

 

Basically the Government out a 'cap' on the increases to School Fees, so these early Pre-Need Education Plans, had Policies that stated 'Little Jonnie' would receive Educastion Fees for XYZ School commencing DD/MM/YYYY and finishing  D2/M2/YYxx.  Trouble was the Philippine Goverment took the 'Cap' off School Fees and these jumped by a startling percentage.

 

With the wording of the Poicies, they would have been faced with huge, out of profit, additions to the projected fund value if they had honoured the Pre-Need Education Policies!

 

So they declared themselves bust, so they did not have to pay up.  Then they were bought out by some New Compoany (Subsiduary?), and allowed to start over (with New Policies stating an Amount this time rather than Tuition at named School).

 

In December 2008, LCPI declared themselves 'bust' and so the Pre-Needs Eduction Planholders were the latest losers and Philip Picio wass fighting on their behalf also.  But Philip included the LCPI Pre-Need Pension Plan Holders in his battle.

 

The SEC (or rather the Senate Investigation into the Pre-Need Industry as clearly the SEC were not policing themselves or the Companies they were supposed to be Regulateing and SEC Commissioner Martinez became the 'fall-guy', who conveniently died, allegedly, after being pronounced as having Stage 4 Cancer @ the notorious St Lukes Hospital) declared the Pre-Need Buy Back was an illegal Investment (that should have obtained an SEC 'Secondary Licence).

 

If the SEC had done their job properly, then LCPI, should never have been allowed to offer the Pre-Needs 'Buy Back' Plan.  Thery also should not have allowed Celso to still be allowed to withdraw funds from The Trustee Bank, when i) he had supposedly stepped down as President of LCPI, on being elected Mayor, ii) no proof of maturing Policies seemingly insisted upon by the Trustee Bank either.

 

The SEC is no longer responsible for Regulating the Pre-Needs Insustry.

 

Anyone who lost money in PNBB, should consider taking the SEC to Court, if they cant go after Celso?

 

I did try going after Celso (along with a group of others here in Cebu, using Atty Zigfreid Diaz, and look what happened:-

 

i) all Cases got consolidated and dealt with in a small Court in Manila (except a few, like in CDO or elsewhere. that were succesful in bringing 'Syndicated Estafa' Case to Court).  

 

Many in a Group here in Cebu, were asked by the Office of Special Investigation of Central Bank to offer these PNBB Contracts as evidence for their Syndicated Estafa Case against Celso and others.  They promised the 'Filing Fees' would be waived.  When it came to Court (at high Atty Fees due to the need to travel to Manila to attend each and eevry Trail Hearing), the newly appointed Chief Justice (by Arroyo at midnight hour) declared the Case thrown out, as the Filing Fees not paid.

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