[bicolano008]

[waterfront]

^ not even the planholders can expect to get a FULL refund of what they paid for the plans because the trust fund is equivalent to only 51% at the most! And as CDLA admitted, their trust fund in the banks are NOT LIQUID! What more of the PNBB investors who are not even planholders?

[/color]

that is why, we have to file criminal charges against Celso and his cohorts. better also to file damage claims from SEC for being negligent, lazy and conniving with the owners of Legacy in swindling the investors and creditors.

[Joelory]

[waterfront]

[waterfront]

12 Legacy execs can't leave RP

MANILA -- Twelve officials of the Legacy Group are barred from leaving the country after the Bureau of Immigration (BI) issued a hold departure order against them.

Placed under the immigration watch list and will not be allowed to leave the country are: Celso delos Angeles Jr., founder and owner of the company; Virilio Odeja, Marcos Ong, Zacarias Carticiano, Teodora Comple, Jose Girlo Caramat, Roy Hilario, William Escalante, Romarico Tanedo, Ernest Juardo Sr., Joey Corpuz, and Emilio Aguinaldo IV.

BI Commissioner Marcelino Libanan said he issued the order upon the Department of Justice's (DOJ) directive in connection with the investigation of Bangko Sentral ng Pilipinas on at least 14 banks and other companies affiliated with the Legacy Group.

Copies of the order were disseminated in all airports in the country, as well as in the computer section of the immigration office for their information and appropriate action.

The BSP has placed more than 10 Legacy-affiliated banks under receivership for engaging in unsafe and unsound banking practices.

Aside from the BSP and DOJ, the Senate and House of Representatives are also conducting their own investigation on the issue.

At the House hearing on the Legacy banks' foreclosure, Albay Representative Edcel Lagman said a submission declaring bankruptcy has been filed by the Legacy Group before the Securities and Exchange Commission (SEC), belying Legacy's claim that it has enough assets to pay pre-need policy holders.

"So if they are insolvent, those trust funds are suspect already. If they have enough, (trust funds) why are they saying they are insolvent?" Lagman said.

He said the company's trust funds in banks could not be "liquefied" to service plan holders since these are still in the form of assets. He said Legacy's assets in banks like Land Bank of the Philippines and Metrobank easily amount to P350 million, which he insists is enough to cover the claims.

As of December 2008, Legacy has sold a total of 14,579 policies - 3,585 for pension; 2,292 for education; and 3,702 for memorial, according to Celso de los Angeles.

The congressman suspected "that those trust funds would not be adequate enough to answer the obligations of the Legacy Group of pre-need companies."

"They themselves said they are insolvent and they blame the global financial crisis, as if the global financial crisis is selective - that they are the only ones subjected to the effects of the crisis," he said.

"I think the crisis on the part of the Legacy group is self-inflicted. The reasons are contrived," Lagman said. (FP/WV/Sunnex)

hah!!!!! Emilio Aguinaldo IV, very familiar sounding name. my friends are inquiring if this guy is related to Emilio Aguinaldo(1869-1964) Filipino revolutionary leader, statesman, national hero, and the 1st President of the Philippines tsk, tsk, tsk .........

[mlangseth]

Wow, I like this ^^^

[waterfront]

there are comments and suggestions that these 12 Legacy executives should be "detained and chained" inside the jail to prevent them from sneaking out of the country until all the criminal cases they are facing are finished.

[kermit208]

can i ask has anyone thought about the damage this man and his friends has done to philippines.CE LOS ANGELES.apart from the money side which has come to billions of php. the hard ship and suffreing he has brought to you the pinoy people. not careing abut anythink except himself the houseing scam now makeing people homeless. the pnbb people he bounced the checks on the school kids who havent got a plan for there schooling needs. the old people thay invested for when thay are old. the  money people are haveing to claim of PDIC ( if its goverments or not isent important it still has to be payed by someone ) and worse of all with the world all suffreing with job cuts and everythink else. he has just killed most the trust western and pinoy investers had in philippine banks. yes thay might punish hi, and his crew but the damage is done and everyone knows trust takes years and years to build back. really sad . this country and people in it are really great. you have one man who has destroyed years and years of work of thousands of people. stupid thing is he has offered to pay it back so why do it and destroy everythink in on go yes PDIC is going to pay us BUT HAND ON HEARTWHO TRUSTS THE BANKING HERE STILL (I DONT)

[Bitster]

12 Legacy execs can't leave RP

As of December 2008, Legacy has sold a total of 14,579 policies - 3,585 for pension; 2,292 for education; and 3,702 for memorial, according to Celso de los Angeles.

The congressman suspected "that those trust funds would not be adequate enough to answer the obligations of the Legacy Group of pre-need companies."

What about those 'Classique B' Pension Plans!

Regardless whether those who invested into PNBB2 and effectively sold the Pre-Need Pension Plan to Legacy Card Inc., they were still Pension Plans that LCPI sold!  There should still be money in the 'Trust Fund' against Legacy Card Inc in that case (if the SEC were doing their Job of Control and Regulation properly, and refusing to issue Permit to Sell UNTIL they have the Financial Reports from the Pre-Need Company)

"3,585 for pension according to Celso de los Angeles".

Submit your Claim to SEC, so the REAL numbers of Pension Plans SOLD by LCPI is known!

I personally took out 12 x Pension Plans
If one looks at the 'OR' and/or their copy of the PPC Application Form, you should find the PPC Acct. No

OR No.   PPC Acct. No.   Date
5062   N009-0101-PBB931   03-Sep-07

8668   N009-0101-PBB2170   15-Aug-08

2170-931 = 1,239 x Pension Plans sold via PNBB2 placements, in less than 1 Year under just 1 x Area Manager (N009-0101)!

Who can add to these figures to show how many Pension Plans were really sold by LCPI?

Bitster

[PhilKiyosaki]

[cath]

if only i saw him before..i should have not invested my hard earned money in their bank..so from now on i also check and investigate further the owner behind the bank..i have learned my lesson well

[PhilKiyosaki]

[kermit208]

[philsdutchie]

[777]

SaraM..........if you only look at Celso in his appearance....he is a wolf covering himself in a sheep cloth. That's Celso... As the saying goes...don't judge the book by its cover.  He has deceived many until now SaraM you still have to fool yourself? Wake up girl, he took our money and reality if he wld like to pay us all he should know and humbly gave up all his assets why tell the public that its unfair for his exwife???He has no intention indeed to pay us. Why the sudden announcement of insolvency?? So that his assets will be equally divided to all? Only dumb  people will believe his words...If you have been fooled for the first time then its excusable but for the second time you are fooling yourself.....
Posted on: Feb 15, 2009, 09:54 PMdo you know how Celso get his robbery successfully???  If you would like to know  then wow..You might not believe it..it is really genuinely and uniquely planned...If you would like to earn billions they said own a bank and this is what Celso is doing. I have a very stong feeling that  he still has many more banks out there apart from the 13 Rural banks as exposed.... Hope the investigation team will double their time otherwise this Celso the devil will again beat their capacity.  Let's see how they will beat this cunning guy.  I would applaud really if Celso will be busted.  America is a great country they Busted Madoff right away why not bust this Celso whom indeed he successfully made people paupers in which it is one of his plans.  If you invested with this guy we will all become paupers with his intention that no one could file a legal case against him to penalize us from paying for the filing fee would be so much for the paupers to pay....that's Celso he only wanted to see himself enjoy all the luxury including this kristine limpin, carol hinola, namnama pasetes,  wearing their signature bags LV, driving their BMWs, not to mention their sparkling diamonds, rolex and mansions in corinthians...Hope our government will prove to the pinoys that they can really do something to these criminals.
Posted on: Feb 15, 2009, 10:14 PMdo you know how Celso get his robbery successfully???  If you would like to know  then wow..You might not believe it..it is really genuinely and uniquely planned...If you would like to earn billions they said own a bank and this is what Celso is doing. I have a very stong feeling that  he still has many more banks out there apart from the 13 Rural banks as exposed.... Hope the investigation team will double their time otherwise this Celso the devil will again beat their capacity.  Let's see how they will beat this cunning guy.  I would applaud really if Celso will be busted.  America is a great country they Busted Madoff right away why not bust this Celso whom indeed he successfully made people paupers in which it is one of his plans.  If you invested with this guy we will all become paupers with his intention that no one could file a legal case against him to penalize us from paying for the filing fee would be so much for the paupers to pay....that's Celso he only wanted to see himself enjoy all the luxury including this kristine limpin, carol hinola, namnama pasetes,  wearing their signature bags LV, driving their BMWs, not to mention their sparkling diamonds, rolex and mansions in corinthians...Hope our government will prove to the pinoys that they can really do something to these criminals.