Legacy group's preneed firm disallowed from selling products, assets

MANILA, Philippines - Pre-need company Legacy Consolidated Plans, Inc. and its affiliates were disallowed from selling its products to prevent “injury to the investing public," an order issued by the Securities and Exchange Commission (SEC) said. The same order also disallowed the company and its affiliates from disposing assets so that these will not dissipated, ensuring “the settlement of corporate obligations and of planholders' and investors' claims." Besides Legacy Card Inc., the preneed company’s affiliates include Galaxy Realty and Holdings Inc., Shining Armor Property Inc., One Realty Corp., and One Card Co. Inc. Legacy Consolidated Plans Inc. and its affiliates “enticed investors to invest in their various investment contracts," the SEC order said, which was signed by SEC chairman Fe B. Barin. The said products “generate a 100 percent return of the investment contracts in settlement of the proceeds of subject investments payable on equal or monthly or quarterly basis," the SEC said. “Unfortunately, it further appears that Legacy Consolidated Plans, Inc., has no license to offer securities to the public. Neither subject corporations' sales agents are duly licensed to offer or sell securities to investors." Besides violating the Securities Regulation Code, the companies offering these investment products already closed shop, the SEC order said. - GMANews.TV