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    January 6th, 2009

    Trust me
    Try rolling with the flow
    Trust me
    I’ve been there don’t you know
    I’m giving you a chance, so take it
    I got all you want, you’ll make it..

    Music by Elton John, Lyrics by Tim Rice, recorded by Elton John.

    The biggest law firm in the Philippines has been defrauded of P50 Million (approx $1,265,000.oo CDN), according to Purple S. Romero, abs-cbnNEWS.com.

    “The law firm was reportedly promised five percent of its client’s $50 million-claim. However, in order to get their cut, the firm was first asked to advance P50 million.”

    The firm checked the client’s bank account prior to advancing the funds, but the funds ‘disappeared into thin air’ once the advance was made.

    Sycip Salazar Hernandez Gatmaitan appears to have fallen victim to a classic ‘advance fee’ fraud.

    It is truly unfortunate that ‘confidence men’ are able to take advantage of the lure of p100 million (approx $2.6 million CDN) in fees – showing yet again, that if the chance appears to be too good, it probably is…and a firm should not take it.

    This entry was posted on Tuesday, January 6th, 2009 at 8:21 pm and is filed under Firm Governance, Fraud and theft, Issues facing Law Firms, Trends. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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