Legacy Group Victims
Reading news about investment victims is depressing and stressful because it evokes anger against the perpetrators.
But oftentimes, I still read them just to remind myself that I’m not alone, that I’m not the only one who made wrong financial decisions.
About four years ago, my former-OFW-husband and I lost about 400,000 pesos in a failed investment.
Going back to the Legacy Group scam, here are some of the investors that lost big amounts of money, based on news reports on inquirer.net:
Boy Galang, an OFW in Oman
Galang invested 200,000 in Legacy’s double-your-money scheme. He even canceled his flight back to Oman just to submit his complaint, hoping to get back his money.
Over 12,000 Soldiers and Police Officers Including Colonel Ariel Querubin
The Armed Forces and Police Savings and Loan Association Inc. reported that 12,047 soldiers and police officers invested nearly 318 million pesos in Legacy’s Scholarship Plan Philippines through salary deductions.
Querubin said he had paid a total of 109,000 since buying a plan in 1999.
Danvil Plans Policyholders: Good News?
Updates on Danvil and Pre-Need Firms As of April 4, 2009:
Danvil Plans, Other Pre-Need Firms: Updates
Pre-Need News — Philippines: Key Points
Daniel Villanueva: Founder and President, Danvil
Danvil Is Still Berkley on Pre-need Federation Website
Pre-Need Philippines: Kabado Na Naman?
How to File a Complaint Against Any Pre-Need Plan Company in the Philippines
Akala ko Naghihirap ang Pre-Need Industry
To Danvil, From a Hurting OFW in Japan
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If you are a policyholder of Danvil Plans Inc., you should already have received a letter from the firm announcing its decision not to proceed with the planned transfer of its pre-need portfolio to Legacy Consolidated Plans Inc.
Well, this is very good news in light of sorry developments in Legacy Consolidated and its parent company Legacy Group. According to news reports, Legacy has filed for voluntary dissolution, including the dissolutions of companies under its management, namely Scholarship Plans Inc., Legacy Card Inc., Legacy Consolidated Asset Holdings Inc., Galaxy Realty and Holdings Inc., Fusion Capital Corp. and Conventional Realty Corp. The parent company Legacy Group itself is troubled due to the financial difficulties of its rural banks, many of which have closed.
Back in June 2008, controversies about Legacy were the focus of my arguments when I talked with Ms. Aurora Dino, assistant vice president and branch manager of Danvil’s office in Makati, about the planned transfer of the pre-need portfolio to Legacy. I’m really very glad now that Danvil did not rush the transfer proceedings back in June.
Somehow, I was not really surprised about the decision and the letter from Danvil because I checked Danvil’s office in Makati from time to time.
Officers of Danvil Plans, may you have more power and opportunities to nurture and grow Danvil. The education and financial well-being of long-time planholders’ dependents rely on your success and continued commitment. Just please change drastically your aggressive and oftentimes unethical marketing tactics.
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