Legacy mutual funds no longer operating — SEC

MANILA, Philippines - The Securities and Exchange Commission (SEC) issued a notice Tuesday advising investors in three mutual funds of the Legacy Group that these companies had stopped operations. The corporate watchdog instructed investors in Legacy HY Fund, Inc., Legacy GS Fund, Inc. and Legacy TD Fund, Inc. to provide them with their contact details, addresses and a copy of their stock certificates. The three firms were invested in high-yield, fixed-income and time deposits, respectively. Last week, the SEC corporation finance department threatened Legacy GS Fund with the revocation of its registration and permit to sell securities if it fails to comply with the commission’s reportorial requirements. Meanwhile, Legacy HY Fund’s petition for voluntary revocation was approved by the regulator two weeks ago. SEC officials could not be immediately reached for comment about the number of investors affected by the closure of the three companies. The Legacy Group, led by businessman and politician Celso G. de los Angeles, has been under fire lately due to the failure of its banking and pre-need companies, which had allegedly operated similar to a pyramid scheme. — Don Gil K. Carreon, BusinessWorld