Senator Mar Roxas is urging the Securities and Exchange Commission (SEC) to freeze all assets of the owner and officials of the failed pre-need and banking Legacy Group of Gompanies.
In a letter to SEC chief Fe Barin, Roxas also said criminal charges should be filed against Celso delos Angeles and his top executives over Legacy's questionable banking practices.
Roxas, in a statement issued Saturday, said that all transactions made by de los Angeles months before he filed for the dissolution of legacy should be investigated.
Roxas, chairman of the Senate trade and commerce committee, called on the justice department to issue a hold departure order against de los Angeles and Legacy officials so they won't escape prosecution.
He said this would also give creditors and planholders a chance to recover their investments. -- report from ANC