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I am legacy group investot at the same time


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smokey
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.

 

 

 

 

 

 

 

you know Tatoosh we miss you on here? i know you got a bum deal but that is your trusting nature ... i almost never get scammed by strangers but family that is a different story....dont be a stranger

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you know Tatoosh we miss you on here? i know you got a bum deal but that is your trusting nature ... i almost never get scammed by strangers but family that is a different story....dont be a stranger

 

 

Hi there, perhaps there is a viewer out there whom could give an update on the legacy situation. I have a friend stuck in Anda Bohol whom invested 6 million under various accounts. He can not get any sense with the phone and has no internet.

 

Read recently the PDIC were having problems with their funding due the central bank demanding repayments. Subsequently the PDIC were tightening requirements making it almost impossible for them to pay out. The writer of this article claimed just 7% were going to be able to be paid.

 

Anybody there with news would be great to hear from you. Thanks for the opportunity to use the forum.

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smokey
Hi there, perhaps there is a viewer out there whom could give an update on the legacy situation. I have a friend stuck in Anda Bohol whom invested 6 million under various accounts. He can not get any sense with the phone and has no internet.

 

Read recently the PDIC were having problems with their funding due the central bank demanding repayments. Subsequently the PDIC were tightening requirements making it almost impossible for them to pay out. The writer of this article claimed just 7% were going to be able to be paid.

 

Anybody there with news would be great to hear from you. Thanks for the opportunity to use the forum.

 

 

 

 

 

RBM join a group called Pinoy money talk .. its free and they are up to the min. on this deal..

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RBM join a group called Pinoy money talk .. its free and they are up to the min. on this deal..

 

 

Robert 51, Thanks for that, very interesting and informative. I don't like their chances of money back some how. Of the report I read in the sun star in relation to the PDIC have funding problems with BSP, there was no comment that I could find. Maybe no truth in it how ever after being here as long as I have one tends to believe where there is smoke......

 

I almost went in as a good Filipina friend whom is accountant at SM had invested here.Guess in this case bit lucky.

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Bob Ward
you know Tatoosh we miss you on here? i know you got a bum deal but that is your trusting nature ... i almost never get scammed by strangers but family that is a different story....dont be a stranger

 

I second that emotion!

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Bob Ward
I have a friend stuck in Anda Bohol whom invested 6 million under various accounts. He can not get any sense with the phone and has no internet.

 

I know someone who would like to answer here but probably won't. If he has that much into it, depending upon what program it's invested in, he's gonna be in a world of hurt unless he's got it spread among 12-24 relatives. But this depends upon the final ruling as it's a moving target! Plus the solvency/insolvency of the PDIC. It's a crap shoot unless someone really did their homework and worked directly with the banks.

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Alan S

From what I have read, PDIC appear to be delaying payments and making every excuse they can to avoid or delay further.

 

Of course, that will harm investor confidence in future, but perhaps that doesnt worry PDIC.

 

I originally thought that their guarantee was worthwhile, but am now revising that opinion.

I do hope that I am proved wrong.

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smokey
From what I have read, PDIC appear to be delaying payments and making every excuse they can to avoid or delay further.

 

Of course, that will harm investor confidence in future, but perhaps that doesnt worry PDIC.

 

I originally thought that their guarantee was worthwhile, but am now revising that opinion.

I do hope that I am proved wrong.

 

 

 

 

 

I find it very rare that anyone here thinks of tomorrow... this is a live min. by min. mentality... We recently went to a flower pot vendor to buy some of them very big flower pots... we stopped and looked over the stock and asked for a price for 15 units... we were told 450 each the wife haggled and got the price to 350 each we agreed and left I came back the next day and said I have to make two trips as they will not all fit in my truck the guys said fine and we loaded up 8 units then he says that will be 4000 p ... I said you told us 350 each ? He said that was yesterday the price of material went up last night, so I said well then I will not buy the units and he told me there is a restock fee of 100 a unit so instead of getting into a major battle I bought the 8 units for the 4000p and he lost a customer but I really don

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Bukwali
From what I have read, PDIC appear to be delaying payments and making every excuse they can to avoid or delay further.

 

Of course, that will harm investor confidence in future, but perhaps that doesnt worry PDIC.

 

I originally thought that their guarantee was worthwhile, but am now revising that opinion.

I do hope that I am proved wrong.

 

 

 

If it's to be believed

 

http://www.pdic.gov.ph/index.php?nid1=8&am...2=1&nid=353

 

PDIC Starts Mailing Payment to Legacy Depositors

 

The Philippine Deposit Insurance Corporation (PDIC) announced that it has begun mailing check payments for valid deposit insurance claims to the depositors of the 12 Legacy-affiliated closed banks.

 

 

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David_LivinginTalisay
If it's to be believed

 

http://www.pdic.gov.ph/index.php?nid1=8&am...2=1&nid=353

 

PDIC Starts Mailing Payment to Legacy Depositors

 

The Philippine Deposit Insurance Corporation (PDIC) announced that it has begun mailing check payments for valid deposit insurance claims to the depositors of the 12 Legacy-affiliated closed banks.

 

The_Legacy_Bank_Mess__an_Expose_of_PDIC_by___DEADBOL__.pdf

Edited by David_LivinginTalisay
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easy44

Attached File The_Legacy_Bank_Mess__an_Expose_of_PDIC_by___DEADBOL__.pdf ( 174.63K ) Number of downloads: 0

 

File requires a password.

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David_LivinginTalisay
Attached File The_Legacy_Bank_Mess__an_Expose_of_PDIC_by___DEADBOL__.pdf ( 174.63K ) Number of downloads: 0

 

File requires a password.

 

I did give this 'clue' :-

 

DEADBOL Member, Raymond Rodis has written a investigative report The Legacy Bank Mess, an Expose of PDIC by 'DEADBOL'.pdf see attached.

It needs a Password to open - (use the name of the Yahoo Group that produced it!)

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David_LivinginTalisay

Looks like the Monetary Board may have announced closure of these 2 x CLS Group Banks - Oriental (Rural Bank of Mabinay), and Cardinal RB.

 

I say this because PDIC staff

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David_LivinginTalisay

Looks like the Monetary Board may have announced closure of these 2 x CLS Group Banks - Oriental (Rural Bank of Mabinay), and Cardinal RB.

 

I say this because PDIC staff

Edited by David_LivinginTalisay
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Come on David, you are not a victim.

 

But I have to admit, good strategy, keep it going but save the ink this time.

 

.

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