Cebu
City (11 March) --- The central
bank has filed a second estafa case against
the officers of the Legacy group of companies,
including owner Celso de los Angeles,
for allegedly swindling the solicited
funds deposited in First Interstate Bank
(FIB) in Leyte.
Bangko
Sentral ng Pilipinas said the case filed
before the Department of Justice involves
at least P487 million of solicited funds
received in trust from depositors and
investors of FIB in Kananga, Leyte—specifically
its branches in Palo, Maasin, Hilongos,
Carigara and Baybay—according to
statement released late Friday.
The
central bank said, “It is chilling
that in a blatant fashion, Mr. de los
Angeles and his group, while not being
officers of FIB, exercised unbridled access
and total control over the latter’s
operations, particularly in the custody
and disposition of funds FIB has generated
through its solicitations from the general
public.”
Besides
Angeles, the other respondents include
Alexis Petralba, Namnama Pasetes, Carolina
Hinola, Roy Hilario, Virgilio Odejar,
Christine Antenor Cruz-Limpin, Norman
Tiongson, Victoria Noel, Arnel Sulquiano,
Ronaldo Alix, Mike Basangan, several John
Does and Jane Does.
Sworn
testimonies
The
central bank said the FIB’s bank
officers and persons have given sworn
testimonies that the syndicate conspired
to swindle fund.
The
central bank said a FIB officer testified
that the bank had enticed additional deposits
from depositors, luring them with a scheme
involving higher than usual interest rates
that would supposedly double their money
in three to five years.
Under
this scheme, FIB and other Legacy banks,
even convinced the depositors to limit
or split their deposits in separate accounts,
with each no more than 250,000 —
supposedly so that it would be covered
by the maximum insurable amount by the
Philippine Deposit Insurance Corp. (PDIC)—the
central bank alleged.
Before
the Leyte bank’s closure, the central
bank said an officer admitted that all
banks belonging to the Legacy group were
instructed by de los Angeles to transfer
funds into an account and to destroy any
evidence that would implicate him and
his accomplices in the various schemes
they allegedly perpetrated.
FIB only had about P1
million in cash as of December last year.
The
central bank filed with the Justice department
through the Villraza Cruz Marcelo and
Angangco law firm.
Alleged
criminal intent
According
to the affidavits executed by Mabini Sanico,
president of the defunct First Interstate
Bank, and other witnesses, the alleged
“criminal intent of de los Angeles
and his group was to defraud people through
a series of misappropriation that was
apparent from the very beginning.”
After
the depositors made their deposits and
infused more funds in their FIB accounts,
de los Angeles and his group allegedly
misappropriated the money through a “labyrinthine
series of fraudulent and fictitious loan
transaction,” according to the central
bank statement.
Under
this plan, FIB would allegedly disburse
amounts to fictitious borrowers and ultimately
to person or corporations controlled by
de los Angeles and his accomplices.
Motorcycle-loan
scheme
One
of the schemes used to siphon off funds
from FIB was the motorcycle-loan program.
Would be depositors were offered a promotion—a
motorcycle loan for a motorbike supposedly
bought from Legacy Motors Inc., which
also owned and controlled by de los Angeles.
The
borrowers would avail of the loans amounting
to P55,000 each, but the bulk of the borrowed
money would be deposited in the account
of LMI and then transferred to another
bank, according to the statement.
De
los Angeles allegedly raised P102 million
from this scheme, given that only 100
motorcycles out about 2,000 were actually
delivered to FIB depositors.
He
was also the alleged brain behind the
investment loan program of FIB and other
Legacy banks wherein fictitious borrowers
would obtain loans from his controlled
banks without collateral and earn 1 percent
of the loan while the rest of the proceeds
were allegedly invested in Fusion Capital
Corp.—yet another of de los Angeles’
controlled firms.
The
central bank alleged that de los Angeles
generated P385 million from the investment
loan program.
Earlier
in February, the central bank filed a
syndicated estafa case against de los
Angeles and other executives of Legacy.
De los Angeles, who has repeatedly that
he has done nothing wrong, also faces
a congressional investigation for 13 of
his rural banks that failed, as well as
the closure of his preneed company, Legacy
Consolidated Plans Inc.
The
closed banks are reportedly going to cost
the Philippine Deposit Insurance Corp.
more than P14 billion.
