The legacy scandal keeps reappearing

There are things i call dead stories and for me the Legacy one is one.. only interest to others is a reminder of if its too good to be true it probably is and that some of the people selling policies aren’t as innocent as they make out. Result being in future be more cautious where you put your money.

Now what dragged this up? Well its to do with a particular expat in regards to a post I made on a forum about hard selling. Which he quickly mentions no hard sell in his emails.. yet forgets the visit to his house where he had paperwork and pen ready to sign up which is why I never signed up purely because if someone is so desperate for you to buy into it “sign today” its probably very high risk. Which I was right to wait and look into it more to make sure everything was ok, which it wasn’t and billions of peoples money went down the toilet.

Back on to the events that took place I visited the persons house to discuss the investments and while up in his sitting room being told how things were guaranteed and how he had started investing a few years ago wishing he had done it sooner. His wife was busy downstairs talking to my wife asking if she had access to my money and if I control April’s finances. Now there are two things I want to mention that are very important on this matter A. The techniques used are HARD SELL which the person seems to not understand. B. The person trying to sell me the policies was and is not the legal agent his wife is which is something he has disputed at other times regarding other expats. HE sold the policies I never heard his wife once mention policies directly to me it just seemed to be a fake front to get round legalities rather than above board.

The same pair have moved onto other investments and I would advise caution on any investments in the Philippines unless you check them out thoroughly to make sure

A. The investment is good.

B. The people involved are accountable on failure.

C. Business and returns match (e.g. if they are promising 5% a month is it really possible?).

D. What insurances are available against loss and if things did go wrong can you sue.

E. Remember that it took a long time to earn your investment but you can lose the lot in 5min.

Another major thing people overlook is that if someone is an Expat and offering you a deal its probably because they need it and your easy pickings. So treat them with that in mind that they are looking out for themselves more than they are you. Ask around opinions from other people that have dealt with them previously and most importantly just don’t invest straight away if your not happy another investment will no doubt come along sooner or later better to have your money waiting than lose it on a high risk.

 

2 comments for “The legacy scandal keeps reappearing

  1. Tomdean34
    July 23, 2010 at 1:12 pm

    The expat on expat scams. I know of this individual, and you are quite right in your observations. He led many to slaughter with his too good to be true investments. I think I know of the forum you spoke of, it seems that is a gathering ground for some pretty shady characters. Investment schemes that never become reality. I once was a member there, but after seeing the garbage posted, I no longer had a desire to continue. It is really a shame that people must prey upon others to make a living. The problem is that desperate expats tend to believe a fellow expat, so it makes him a ripe target to scam him and relieve him of his much needed money. Some have lost everything they had, and are forced to return home and try to earn once again. It is truly shameful, and I don't know how the scammers can live with themselves, and then get on a forum and keep telling everyone how much they help others and are not in it for the money. Right ! What other reason would there be?

  2. Tropicalpenpals
    July 24, 2010 at 4:04 am

    Interesting reply Tom and its why I write these articles to “wake up” some people as life isn't easy here and putting trust in someone else who is only a passport away from an airport multiplys the risk as well as the obvious praying on the newcomers. The same person I am talking about above has been threatening some expats with legal action for his character being damaged yet I have yet to meet someone who has a positive word to say about him or his wife.
    I was recently talking to someone about his money lending business as he is currently taking on expats money and guaranteeing 5% return. But at the same time unaware of the risks involved with murders and none payments. Which is a bit more nieve than anything else but at the same asking people to invest you need to be sure the investment is A.Good and B. All risks are explained to investors in detail so that if it does go sour that at least people are fully aware of the risk. I wish him well and if he keeps it small scale it should be fine. But at the same time another money lender was chased from his collection area and shot dead in the street in the same town.