Court of Appeals puts Legacy assets in deep freeze

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THE Court of Appeals (CA) affirmed two orders of the Manila Regional Trial Court (RTC) in connection with the case against the beleaguered Legacy Consolidated Plans Inc.

In a 10-page decision, the appellate court upheld the Order dated November 27, 2009 of the Manila RTC granting the government’s very urgent motion for issuance of an Asset Preservation Order (APO) as well as the Order dated August 27, 2010 denying Victorino de los Angeles’ motion for reconsideration.

Victorino de los Angeles is the brother of Celso de los Angeles, the Legacy founder, a pyramiding type of business now buried in several criminal suits after they allegedly defrauded its investors.

Legacy funds have been chased by the government after hundreds of citizens were supposedly duped to purchase various “pre-need” plans they were selling in the market through other firms.

De los Angeles sought redress from appellate magistrates after the Manila RTC did not issue a ruling in his favor.

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