How Legacy Group lured depositors

By now, those who have been following the congressional hearings and court cases on the Legacy Group mess are aware of how its owner, Celso delos Angeles, allegedly misused depositors money leading to the collapse of 12 rural banks and 3 pre-need firms.

In an attempt to save their necks, Delos Angeles’s alleged accomplices—Namnama Pasetes-Santos and Carolina Hiñola—on Monday testified before the senators how Delos Angeles siphoned depositors’ money to finance his extravagant lifestyle and to pay off government officials for protection.

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