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.

Legazpi investors

Investors from Albay put in between 200,000 to 37 million pesos in Legacy’s double-your-money scheme. The other regular plan holders bought their plans at 25,000 each.

160 Investors Represented by Lawyer Ceasar Distrito

These 100 investors invested a total of 200 million in Legacy while 60 plan holders invested a total of 7 million in pre-need plans.

Lourdes Redoloza, retired professor of UP Los Banos

Redoloza, 65 years old, invested 100,000 pesos in 2006 in Legacy’s time deposit scheme that promised to double her money in 5 years. She added another 250,000 years later, but Legacy dissolved before she could get it back.

According to Redoloza, there are a lot of UPLB retirees and professors who invested millions in Legacy.

Joe Lory, a naturalized American citizen from California

Lory mortgaged his house and cashed out his entire 401(k) retirements funds to invest in Legacy’s time deposit schemes.

Bien Donque, a resident of Talisay City

Donque invested 1 million in Legacy.

Investor who filed a syndicated estafa case with help from Senator Mar Roxas

Antonio Evangelista, an assistant hotel manager in Palau, filed a case together with other investors

Josephine Soriano

Soriano initially invested 100,000 in Legacy’s Scholarship Plan Philippines. Later, she invested 4 million in Legacy’s double-your-money scheme. She added another 1 million, putting her total investment at 5 million from 2007 to 2008. She has filed a separate complaint with the NBI Special Task Force.

Pontico Fortuna, a former councilor in Mandaue City

Fortuna invested more than 10 million pesos in Legacy.

House Speaker Prospero Nograles

Nograles invested 18 to 20 million pesos in Legacy.  De Los Angeles said Legacy still owed Nograles 10 million.

Aurora Soriano, former Legacy employee

Soriano, 59 years old, invested 250,000 in Legacy’s pension plans.

Analisa Soto, co-owner of recruitment agencies

Soto invested 1 million pesos in the double-your-money program of Legacy’s Asiatrust Bank, which invested the money in Legacy’s bankrupt Banco Paranaque.

Dole Philippines Agrarian Reform Beneficiaries Cooperative Inc.

This cooperative borrowed 70 million from Land Bank and deposited it at Rural Bank of DARBCI in General Santos City, one of the banks owned by Legacy. The millions were siphoned off elsewhere before the rural bank collapsed.

This is the story however that touches my heart the most, along with the story of the soldiers and the police officers:

According to Butch del Castillo of Business Mirror, he knows 3 siblings who inherited a house and lot near the center of Makati which can easily be sold at 20 million pesos.  They mortgaged the property in a commercial bank and invested the entire loan proceeds in Legacy’s double-your-money scheme.

After Legacy collapsed, the property was repossessed by the bank, and now the siblings are staying in a small rented apartment.  Certainly,  for decades,  the parents of these children worked hard to buy and pay for the house — and now, it’s gone.

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

——————————————–

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.