Bangko Sentral files 3rd estafa case vs Legacy owner

MANILA, Philippines - The Bangko Sentral ng Pilipinas filed a third estafa case against beleaguered town mayor and Legacy Group founder Celso de los Angeles and 17 bank officers for reportedly siphoning off P500-million worth of deposits and investments from the Rural Bank of Bais in Negros Oriental.

The latest case against De los Angeles would make the former banker accountable for over P1.817-billion worth of deposits and investments that he reportedly siphoned off from three of 12 banks that have already been closed by the central bank.

More charges were expected to be filed later and the BSP said it did not have an estimate of exactly how much De los Angeles and his accomplices allegedly siphoned from all 12 Legacy banks.

Earlier, the BSP filed the first syndicated estafa case against De los Angeles involving about P487-million worth of deposits and investments that he allegedly siphoned off from another rural bank in Leyte.

In January, the BSP filed the first estafa case involving P830-million worth of funds from another bank operating in General Santos City and Cebu City.

The BSP announced yesterday that it filed the case with the Department of Justice (DOJ) which would carry out its own investigation and determine whether criminal charges could be filed in court.

The BSP said it based its case on documents as well as the sworn testimonies of bank officers and other persons with knowledge of the criminal transactions that “fraudulently siphoned” funds out of RBB.

“It is clear that 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,” the BSP said in a statement.

The BSP said that based on bank records, RBB’s total deposit liabilities as of Sept. 30, 2008 amounted to at least P784 million while its capital account was already negative and its cash amounted to only P134.6 million.

The BSP said RBB unilaterally decided to stop its operations and close its premises by declaring a bank holiday on Dec. 8, 2008, declaring its inability and incapacity to fulfill its obligations.

Named in the case along with De los Angeles were Alexis S. Petralba; Namnama Pasetes; Carolina Hinola; Roy Hilario; Virgilio Odejar; Christine Antenor Cruz-Limpin; Norman Tiongson; Victoria Noel; Arnel Sulquiano; Rolando Alix; Mike Basangan; Rommel San Pedro; Francisco Uy Lim; Josephine Guevarra; Levy Trijo and Sofia Aleli.

Also named in the case of syndicated estafa were several John and Jane Does involved in the operations and transactions.

The case filed by the BSP yesterday was the fifth in a series now pending before the DOJ for resolution against the Legacy banks.

Yesterday’s filing was also the third case of syndicated estafa that specifically named De los Angeles. The BSP had filed an estafa case against him earlier this month and a week later, another case was filed by the Philippine Deposit Insurance Corp.

The BSP’s second estafa case that named De los Angeles involved at least P487-million worth of solicited funds received in trust from depositors and investors of First Interstate Bank (Rural Bank of Kananga) in Leyte.

The first case was filed in February involving P830-million worth of funds that De los Angeles et al reportedly siphoned off from Rural Bank of DARBCI which was left with less than P1 million in cash when the case was filed.