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SEC panel revokes R&L license for trading fraud
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Metro Manila (CNN Philippines, June 15) – A special hearing panel of the Securities and Exchange Commission (SEC) revoked the license of R&L Investments, Inc. more than a year since it was discovered that a rogue employee illegally transferred over ₱1 billion shares owned by existing clients to an account in another firm.
The unit of SEC s Market and Securities Regulation Department also revoked the brokerage license of Venture Securities, Inc. (VSI), which received the equity trades under one account from 2012 to 2019.
In three separate decisions issued June 11 and published on Tuesday, the panel issued a ₱25-million fine against R&L and disqualified its president Joseph Lee, stocks salesman and general manager Lucy Linda Lee, and Jonathan Lee from further engaging in the stocks trading business.
SEC panel revokes R&L license for trading fraud cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.
The Securities and Exchange Commission (SEC) has revoked the license of Ventures Securities, Inc. (VSI) and slapped P32 million in penalties against the brokerage and its officers for the fraudulent transfer of P700 million worth of client shares from R&L Investments, Inc. An SEC special he
SEC revokes Venture Securities license, slaps P32-M penalty bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.