A special hearing panel of the Securities and Exchange Commission 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 SEC also canceled the license of VSI and slapped a ₱32 million fine against its president Wilfred Racadio, associated person Adora Aguilar, salesman Loreto Balabis, and settlement head Teresita Mosenabre. They are also banned from acting as brokers and dealers. This resulted in a ₱700 million loss to R&L and its investing clients, which was discovered only two years ago when the company was about to be sold and an audit was underway, according to the SEC probe.
25M only? For a 1B worth of scam?
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