P487M siphoned off Legacy bank

BSP: De los Angeles, execs misused funds.

MANILA, Philippines — Legacy Group founder Celso De Los Angeles Jr. conspired with some of his employees in siphoning off P487 million in deposits from First Interstate Bank (FIB) in Leyte, one of Legacy’s 13 shuttered banks, according to the Bangko Sentral ng Pilipinas (BSP).
The BSP filed with the Department of Justice on Friday its second case of syndicated estafa (fraud) against De los Angeles and officials of the Legacy Group and FIB in connection with the misappropriation of the funds.

Records show that deposits worth more than P487 million were placed in FIB, but only P1 million was left by the time of its closure in December last year, the BSP said.

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