BSP files 3rd syndicated estafa case vs Legacy

(Updated) MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) filed its third syndicated estafa case against Legacy Group owner Celso G. de los Angeles, Jr. and other officers for drawing off P500 million worth of deposits and investments from Negros Occidental-based Rural Bank of Bais, Inc. Besides de los Angeles, the BSP case named Alexis S. Petralba, Namnama D. Pasetes, Carolina G. Hiňola, Roy Hilario, Virgilio A. Odejar, Atty. Christine Antenor Cruz-Limpin, Atty. Norman Tiongson, Atty. Victoria "Binky" Noel, Arnel Sulquiano, Ronaldo Alix, Mike Basangan, Rommel L. San Pedro, Francisco Uy Lim, Josephine M. Guevarra, Levy K. Trijo, Sofia M. Aleli, John Does and Jane Does. The BSP filed the case at the Department of Justice, which would then determine whether criminal charges could be filed in court. The case is the BSP’s third against De los Angeles and the fifth estafa currently being faced by the Legacy Group owner. “Respondents, in conspiracy with one another, acted as a web of swindling syndicate that launched, orchestrated, unleashed, and perpetrated a systematic and grand series of misappropriations, conversions, and siphoning of funds derived from the general public," a BSP statement said, citing documents and sworn testimonies of persons and bank officers. The third syndicated estafa case is the fifth filed since the BSP in January lodged criminal charges against 16 officers, employees, and agents for 49 counts of falsification of public and commercial documents plus one case each of false reporting. This latest case makes De los Angeles accountable for over P1.817 billion worth of deposits and investments that he reportedly siphoned off three of 12 banks already shuttered by the central bank. BSP lawyers are preparing for more charges to be filed against Legacy Group officers. As of Sept. 30, 2008, total liabilities of the Rural Bank of Bais reached at least P784 million but its capital account was already negative and its cash resources stood at P134.6 million. Incapable of fulfilling its obligations, the rural bank stopped its operations and declared a bank holiday last December 8. - GMANews.TV