$591 MILLION DOUBLE-YOUR-MONEY SCAM: In 2008, Filipino rural banker Celso de los Angeles emerged as the mastermind behind the Legacy Group of Companies’ insurance and pension scam. The victims, mostly Filipino small investors, were lured into investing their money in legacy banks, with a 'double your money' offer. The pyramid collapsed the same year, with P30 billion ($591 million) in reported losses. De los Angeles was jailed for syndicated 'estafa', but died of cancer four years later, in 2012.
Investorjuan