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The Legacy Financial Group and the Rural Bank of Paranaque (also called Banco Paranaque) of the famous double-your-money time deposit programs are now being thrown into the limelight following recent news articles that mention the bank's supposed involvement in swindling, fake certificate of time deposits (CTDs) and extortion. The bank has come clean and denied all accusations.

Who between the accused and the accusers is telling the truth? How will this affect the high-yield time deposit placements of the bank's depositors? Read the news stories below which were published in some local dailies and judge for yourself. Discuss the issue in related threads in the PMT Forum:

• Rural banks under the Legacy Financial Group offering 20% p.a. (Part 3)
• Rural banks under the Legacy Financial Group offering 20% p.a. (Part 2)
• Rural banks under the Legacy Financial Group offering 20% p.a. (Part 1)

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More than $6 million worth of funds previously held by the scam autosurf program 12DailyPro (12DP) have been recovered and although refunds are being planned, how and when this will be done are still not finalized.

This is the gist of the Second Interim Report filed by Thomas F. Lennon, Court-appointed Receiver of 12DailyPro, in June 2007.

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In mid-2005, Charis Johnson began operating 12DailyPro (www.12dailypro.com). 12DailyPro or 12DP, as investors called it, was an an autosurf program wherein investors were promised 12% return on their invested funds every day for twelve days. In order to receive the daily earnings, members were to run a program on their computer that would automatically view certain websites and thereby purportedly generate advertising revenue.

Ms. Johnson was extremely successful in attracting investors and raised approximately $500 million in less than nine months. Investors’ money was handled not by 12DP itself but by third party Internet payment processors such as Stormpay, EMO, and e-gold.

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The PMT Forum has once again undergone a revamp of its discussion folders. Whether you are a Filipino or not, in the Philippines or not, looking for investments to put your money in or merely searching for ways to earn additional income, we've got you all covered.

Drop by the PMT Forum and discover how you can earn money today.

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One hot topic in the PMT Forum these days is the discussion of double-your-money programs or 20%-per-annum time deposits offered by a few rural banks in the Philippines. In the article  Double-your-money investment schemes — are they for real? we mentioned that these "investments" are actually time deposits and, as such, are covered by the Philippine Deposit Insurance Corporation (PDIC) up to P250,000 (US$5,300).

The discussion centers on whether this high-yield investment program is virtually risk-free due to the PDIC coverage. Consequently, some members have endorsed this double-your-money time deposit program while several others have raised issues against it.

After the jump you can read experiences posted by some PMT members who directly placed money into these offers.

Post your own experiences or join the discussion in the Rural banks offering 20% per annum thread.

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More than 20 Pinoy Money Talk (PMT) members went to Tiendesitas shopping complex at Ortigas, Pasig on June 2 and indulged themselves in playing Robert Kiyosaki's Cashflow 101, the Human Bingo Game, PMT Trivia Game, and in just plain meeting and hubnubbing with other PMT members.

Here are their pics.

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Now that FeederFund has closed down, investors will be busy taking part in the liquidation of the remaining assets of the company.

Here's how FeederFund's liquidation is expected to progress, as explained by the company. 

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FeederFund, one of the few remaining "trusted" online investment programs, is closing down.

In an email sent to all investors, FeederFund (www.feederfund.com) announced they are terminating the program and are now in the process of liquidating remaining investments for distribution to investors.

FeederFund attributes its closing to the recent major losses in FXIG, one of its programs, and the fraudulent deception by the administrator of another of its program, PSHI. Add to this was the supposed freeze order imposed by online payment currency e-gold on FeederFund's e-gold account. FeederFund claims more than $300,000 worth of e-gold purportedly for distribution to investors were placed on hold by the online currency.

Update on the liquidation process after the jump.

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