Comments on: Banks Under Legacy Group, Bankrupt?

By: Banks in Bank Holiday » SELaplana

Banks in Bank Holiday » SELaplana — Fri, 12 Dec 2008 06:38:17 +0000

[...] « Banks Under Legacy Group, Bankrupt? [...]

By: Johan Marzan

Johan Marzan — Fri, 12 Dec 2008 03:35:52 +0000

The practices of Legacy Group is really as scam. Thier off of doubling your deposits in five years is already a scam from its introduction. I was wondering why the Central Bank auditors were not able to uncover this.

Their modus operandi is to offer that “product” to investors. If they are not enticed, they provided additional ‘cream” for the offer, they will give computer units and other appliances. You deposit more and you will be given a car.

To give an assurance that their “investment” is safe, they issue certificate of time deposits in P100,000. ( We will discuss later why.). These CTDs were issued by their rural banks. Yes, these rural banks simply fill up their CTD forms and issued these to the “ivestors”. But in reality, the rural banks did not received any cash. The cash was directly transferred to Legacy head Office for “lending” to the Legacy stockholders and other operating expenses.

These issued CTDs were never recorded in the books of the said banks. Again, why issue CTD’s in P100,000? so that the PDIC will shoulder (PAY) the said amount once the rural banks go bankrupt. A good auditor will notice the sudden increase in the amount of time deposits a few months before their rural bank declares bank holiday. Why? To include such deposits (without any money) in their claims with the PDIC.

Well, we have nothing to blame but the GREED of the investors.

By: http://resourcesandmoney.blogspot.com

http://resourcesandmoney.blogspot.com — Thu, 11 Dec 2008 16:30:03 +0000

I hope no big banks file bankcruptcy.

By: James | PinoyMoneyTalk-dot-com

James | PinoyMoneyTalk-dot-com — Thu, 11 Dec 2008 06:36:10 +0000

Actually, Legacy has been offering the double your money products for several years now. I was already thinking of investing here two years ago but my conservative side fortunately prevailed. A number of members from my site, however, ventured into those investments and now are waiting for the next steps by PDIC. Hopefully, they'll be able to recover their money. Some active discussions about this issue: Legacy rural banks on bank holiday? Double your money investments in Legacy banks