8. Legacy Group Scam
Amount: over $9 million
Year: 2008
This “swindling syndicate” contributed to the collapse of 12 rural banks and 3 pre-need companies. Late Celso Delos Angeles was behind it all (no angel there, that’s for sure). Once again, another money grabbing “hybrid five years” scheme was introduced and lured the naïve Filipinos to “invest” their money in a program which was to ensure their financial future. Now, let’s see what else we have on the list of biggest accounting scandals in recent years in the Philippines.
