Legacy investors slap de los Angeles, family with P187-M estafa case


Posted at Feb 12 2009 07:37 PM | Updated as of Feb 13 2009 03:39 AM

Investors in the beleaguered Legacy Group of Companies filed a P187 million syndicated estafa case against Celso de los Angeles and his family.

Joel Ferrer, who represent 12 investors in the Legacy Group, filed a 30-page complaint at the Department of Justice on Thursday against 14 respondents, including de los Angeles' wife Maria Concepcion, son Nicolo Martin, mother Pacita delos Angeles, brother Victorino delos Angeles, and nine other company officials.

The estafa case involved a P187 million claim of the 12 investors, led by Francisco Obsenares who said he lost his retirement money in the Legacy's get-rich-quick financial products, ranging from bank deposits to pre-need plans.

Ferrer said his clients were paid a portion of their investments through checks issued by various companies that are part of the closde Legacy Group of finance companies.

The lawyer added that his clients resorted to court action to recover the bulk of their money.

Ferrer added that other investors would want to file a similar case but are hampered by lack of funds. He cited that his clients' P187-million case alone required a P1.8 million filing fee.

"It is difficult for the claimants. They already lost their money. They still need to pay to go after their money. - Marieton Pacheco, ABS-CBN News