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I am legacy group investot at the same time


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USMC-Retired

No matter what, people speculated on the future of something. Then when the speculation goes a miss they look for blame. You investmented money with Stocks or Legacy it is a risk you take. If the market or Legacy had not collapsed people would be singing all the praises on the returns they received.

 

Unless there was fraud. IE Madoff case then it was a risk. Legacy was not a fraud because you did not ask the questions or see where the returns came from. Madoff produced statements and defrauded the regulators along with people thus regulators will bear some responsibility and return some monies. Lehman brothers took risks (high ones) with your money. Yet you liked the positive statements in the mail. You liked seeing your money grow. However it was a gamble. Nothing more then a gamble that the future would bear the same fruit. Deep down people knew this.

 

I have empathy for the people of Legacy and Lehman Brothers. However greed did get the best of all the people involved. Some invested blindly and the ignorance of those will be a huge lesson they will never repeat.

 

In 1979 the the Hunt brothers tried to capture the silver market. They almost did and it was not the first attempt to do so by individuals. Gold was over 1000 dollars and silver at 30 dollars. My parents were in the Gold exchange business at the time. I then watched the market crash on a Thursday. We went from being millionaires to poverty in one afternoon. When people speculate on the future of anything they have a chance to loose it all. They had made lots of money and stayed in a day to long. Why? easy greed. A lesson in life and no one saw pity for my parents or us. We did not sit around and hope for a better future. My parents acted and saw the errors they made. So all these people I have empathy however zero sympathy for their plight.

 

There is no such thing as hope. Hope is a prayer you give to your God. Unless you act, hope will be worthless just like the stocks you invested in. I hope to win the lottery however I must play for it to be a reality.

 

 

 

 

Monies on those investments will be worthless within a few years anyway. The bank crises/credit crunch will recover for some time but after that, oh well, there is always hope, ....

 

What do they say, if your investments go into hope mode, it's too late.

 

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smokey
No matter what, people speculated on the future of something. Then when the speculation goes a miss they look for blame. You investmented money with Stocks or Legacy it is a risk you take. If the market or Legacy had not collapsed people would be singing all the praises on the returns they received.

 

Unless there was fraud. IE Madoff case then it was a risk. Legacy was not a fraud because you did not ask the questions or see where the returns came from. Madoff produced statements and defrauded the regulators along with people thus regulators will bear some responsibility and return some monies. Lehman brothers took risks (high ones) with your money. Yet you liked the positive statements in the mail. You liked seeing your money grow. However it was a gamble. Nothing more then a gamble that the future would bear the same fruit. Deep down people knew this.

 

I have empathy for the people of Legacy and Lehman Brothers. However greed did get the best of all the people involved. Some invested blindly and the ignorance of those will be a huge lesson they will never repeat.

 

In 1979 the the Hunt brothers tried to capture the silver market. They almost did and it was not the first attempt to do so by individuals. Gold was over 1000 dollars and silver at 30 dollars. My parents were in the Gold exchange business at the time. I then watched the market crash on a Thursday. We went from being millionaires to poverty in one afternoon. When people speculate on the future of anything they have a chance to loose it all. They had made lots of money and stayed in a day to long. Why? easy greed. A lesson in life and no one saw pity for my parents or us. We did not sit around and hope for a better future. My parents acted and saw the errors they made. So all these people I have empathy however zero sympathy for their plight.

 

There is no such thing as hope. Hope is a prayer you give to your God. Unless you act, hope will be worthless just like the stocks you invested in. I hope to win the lottery however I must play for it to be a reality.

 

 

 

 

 

 

i have to agree with you ... I was approached to join the UN insured accts.. but i just did not see how they could do it or last that long... the people who were cashing checks sure let me know how stupid i was to not make money the easy way... Its human nature to want to join a winning team and the Legacy to many looked like that team... There was another like investment in the middle 90s here it was condo development . buy before built and double your money in 2 yo 3 years.. but when the market went south the buildings never got built... money vanished... soon i expect to hear of another dream investment and again i will ask myself ... self is this even possible... and if i dont think so i will pass...

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There was always lots of discussion about legacy. The risk was high, so is the hope that all will be fine, not sure how else to name it. Greed and hope goes along, people are the same all the time and all over again. Hope and fear are the same or brothers/sisters.

 

Madoff is/was stupidity/greed, easy to recognize Ponzi scheme. I looked into and traded options myself and there is no way that money can be made the way he did/promised it.

 

"There is no such thing as hope. Hope is a prayer you give to your God. Unless you act, hope will be worthless just like the stocks you invested in. I hope to win the lottery however I must play for it to be a reality."

 

What does this mean? Hope has nothing to do with god, it is just a human emotion, nothing else. I don't believe in god anyway.

 

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  • 1 month later...

There was an article yesterday in "Cebu daily news"

 

All Legacy rural banks went under and they are now starting to pay out deposits up to 100,000 pesos, cash only for deposits up to 5,000, the rest will get a check. Deposits over 100,000 still have to wait as there are many "irregularities". They are writing about 4 billion insured deposits within Cebu province, total 14 Billion.

 

If account holders have a joint account, each account holder has to file a separate claim up to 250,000.

 

They did not write about schemes which have been discussed here, like if somebody has several accounts at different rural banks and/or joint and individual accounts.

 

I would say: Sit tight and hold your breath.

 

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In regards to the last post here:

 

There were several news articls in the recent weeks and it seams as if the deposits at the Legacy group of banks are not all covered by the 250,000 pesos insurance through PDIC. Comments like pyramide scheme and unclear assountant practices are among others.

 

I am not quite sure how the PDIC will treat those deposits as to my understanding many of them have been sold through marketers as special deposits and not directly through the individual banks normal system.

 

Fully disclosure? I don't think so. More special back room business in the vicinity of those banks.

 

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Edited by scianna54
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There are lots of problem appearing now. There were the rural bank time deposits that should be covered by PDIC insurance up to 250k but there is some question if all deposits were actually made. There is the non-insured investments that are also under SEC enforcement. To muddy things up, when it started going bad, Legacy offered to convert some of the funds from the non-insured plans to time deposits that should be covered by the PDIC in a rural bank. The problem is that the funds never showed up or were simply just accounting magic. The result is that it is very likely those funds converted will not be honored as time deposits. Actual time deposits made with cash should be okay so long as they were actually registered.

 

Now, to the OP's point, what to do next. Start your current financial projections without the return of any of those funds. In other words, kiss them good bye. They are gone. The odds of getting any of them back are about the same as you getting to ride on one of the space shuttles. But there are groups forming up to try and force some sort of settlement. There was supposed to be 51 percent of the invested funds in the Pre-Needs Plans that are supposed to be in 1 cash in a bank account, 2 Stocks and/or Bonds, or 3 Real Estate. They have not found anywhere near the required 51 percent so far. If the funds were put in options 2 or 3, figure they have been taking a pretty good pounding recently so probably won't be anywhere near the peso value invested. Though to be honest, I am guessing that if they are in real estate, it is Celso's name and is in LA or San Fran. We won't ever hear about it until the dust has long settled.

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If someone is offering 100% annual return on an investment, and they aren't a buddy who just discovered some new invention and you've known him and trusted him for decades, don't expect to keep your money.

Edited by sork
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smokey
If someone is offering 100% annual return on an investment, and they aren't a buddy who just discovered some new invention and you've known him and trusted him for decades, don't expect to keep your money.

 

 

 

 

 

 

 

 

 

before this even hit the news there was a NEW investment ... V8 double your money in ONE year... V8 are chinese bikes sold on the 100peso a day payment plan for 3 years... wonder how collecting on that will work

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Ah, you had to ask didn't you? Okay, so I am not deep as my eyeballs into this particular one but I have heard a bit about it lately. Apparently, it is running into some small glitches and is asking investors to forgo cashing checks for a short period of time. A matter of weeks I think, not months. Alternatives to the cash return was being offered in Time Deposits and Goods (like specific cell phones and maybe a refrigerator) if you didn't want to wait for the little cash crunch to abate.

 

When they don't pay out on time, it is never a good sign. And given the recent Legacy fiasco (of which the V8 folks are not involved) it makes investors nervous. If I was one I would be. Now the checks are theoretically guaranteed by one of the rural banks in Cebu. Sadly (or not so far) that bank is one I am involved with for a small amount. So far they have been great. It is the standard higher but not astronomical interest that long term CD sometimes bring. But I am not holding my breath on those, though I do have PDIC insurance with those deposits. Something that may be pooh poo'ed by the wizards here but which I prefer to naught.

 

Okay, so V8 double your money is maybe teetering. We'll know more later. I hate to see it fail even though I am uninvolved since I know people that have money there and they have already had their lifestyle stung by the Legacy Fiasco. It is perhaps a sad thing that only the poor thieves end up as salvage,while the rich ones smile at the camera on the way to their limo.

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smokey
Ah, you had to ask didn't you? Okay, so I am not deep as my eyeballs into this particular one but I have heard a bit about it lately. Apparently, it is running into some small glitches and is asking investors to forgo cashing checks for a short period of time. A matter of weeks I think, not months. Alternatives to the cash return was being offered in Time Deposits and Goods (like specific cell phones and maybe a refrigerator) if you didn't want to wait for the little cash crunch to abate.

 

When they don't pay out on time, it is never a good sign. And given the recent Legacy fiasco (of which the V8 folks are not involved) it makes investors nervous. If I was one I would be. Now the checks are theoretically guaranteed by one of the rural banks in Cebu. Sadly (or not so far) that bank is one I am involved with for a small amount. So far they have been great. It is the standard higher but not astronomical interest that long term CD sometimes bring. But I am not holding my breath on those, though I do have PDIC insurance with those deposits. Something that may be pooh poo'ed by the wizards here but which I prefer to naught.

 

Okay, so V8 double your money is maybe teetering. We'll know more later. I hate to see it fail even though I am uninvolved since I know people that have money there and they have already had their lifestyle stung by the Legacy Fiasco. It is perhaps a sad thing that only the poor thieves end up as salvage,while the rich ones smile at the camera on the way to their limo.

 

 

 

Tatoosh i was told by a guy from Pinoy money talk that the salesmen in this INVESTMENT were to get 10% commission and that is a lot of reason to encourage everyone and tell everyone what a great investment it is..... So if you sell 10,000,000 you could get one million now bad....

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A_Simple_Man

There was a long drawn out senate hearing about Legacy on Philippine tv today. Some English spoken. Some Tagalog which I did not understand. My wife watched a lot of it. I found it boring. All talk and no money was what I got out of it. It seemed like the reps from Legacy PreNeeds were saying they wanted 3 months to liquidate and then they would spread the money around to the plan holders. The senate reps were trying to decide if that was good for the consumer. The bottom line was when they said ALL claims must be filed before March 31 with the SEC so get those claims in if you want to have any hope.

 

Keep in mind I was just watching it with one eye while I played computer games with the other eye but I thought I'd mention it for those who weren't watching the program.

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There was a long drawn out senate hearing about Legacy on Philippine tv today. Some English spoken. Some Tagalog which I did not understand. My wife watched a lot of it. I found it boring. All talk and no money was what I got out of it. It seemed like the reps from Legacy PreNeeds were saying they wanted 3 months to liquidate and then they would spread the money around to the plan holders. The senate reps were trying to decide if that was good for the consumer. The bottom line was when they said ALL claims must be filed before March 31 with the SEC so get those claims in if you want to have any hope.

 

Keep in mind I was just watching it with one eye while I played computer games with the other eye but I thought I'd mention it for those who weren't watching the program.

 

 

Yes I watched that one too. Bad sign if you ask me. I am quite sure that things will get worse and money left will be needed for "administration" purposes.

 

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  • 3 months later...

Just to follow up on the Investment Scene, as we all know Legacy went under, with it being a demonstrable Ponzi scheme. The owner is trying to duck out by claiming illness at this time.

 

V8 motorcycle "dealer" program has pretty much gone under with investors chasing the owner around Cebu demanding money back. There is none and most of the motorcycles imported have missing parts so they are not rideable. Investors in the V8 program were offered the option of moving their investments into Oriental and Cardinal banks or Kampilan Security, owned by the same individual.

 

However, Oriental and Cardinal banks have both been missing making payments to Cetificate of Time Deposit holders over the last two months. One CTD holder went to the bank and demanded his monthly payment, but the teller declared she had only 1000 pesos. Numerous complaints against the banks have been lodged with PBC and PDIC. Individuals with CTD's are supposedly covered by the 250,000 peso insurance, but new regulations raising the coverage to 500,000 pesos per account also changed the terms of PDIC coverage, so that is no longer a straight forward assurance of payment.

 

So to date:

 

Legacy == Ponzi

V8 == (probably) Ponzi

Oriental/Cardinal CTD's == defaulted interest payments/maybe PDIC coverage

 

Please consider the info above as an object lesson in investing in the Philippines regardless of the assurances given by ANY expat or investment guru.

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Turbota

Investing in the Philippines ...

 

The first thing I was told when moving here 3 years ago is ... never loan money to a Filipino, never take on a Filipino partnership, and never invest money in this country unless loosing it is [not] a priority.

Edited by Turbota
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