Legacy Group owner Celso de los Angeles dies

Celso de los Angeles Jr., former mayor of Sto. Domingo, Albay and the principal suspect in the Legacy insurance and pension scam died at St. Luke’s Medical Center in Quezon City.

His lawyer, Noel Malaya said de los Angeles died on Tuesday morning. He gave no specific cause for delos Angeles’ death although the latter had been undergoing treatment for throat cancer since late 2010.

De los Angeles has been charged with several cases of syndicated estafa and estafa cases in relation to the failed operations of his 12 Legacy banks, a group of affiliated banks under the Legacy group.

The banks include First Interstate Bank, Rural Bank of DARBCI (General Santos City), Rural Bank of Carmen (Cebu), Rural Bank of Bais (Negros Occidental), Rural Bank of Parañaque (Metro Manila), San Pablo City Development Bank, Rural Bank of San Jose (Batangas), Pilipino Rural Bank, Philippine Countryside Rural Bank, Dynamic Rural Bank, Bank of East Asia and Nation Bank.

All Legacy banks had an estimated total deposit liability of 24 billion pesos when they collapsed and affected at least 130,000 bank depositors in the Central Visayas alone.