Can the PSE clean up the stock market after R&L, VSI scandal?

The recent scandal involving rogue employees in two brokerage firms that led to a loss of P700 million in client shares has raised questions about the Philippine Stock Exchange’s ability to crack down on financial fraud.and member of the PSE’s audit and corporate governance committee, is chairman of Venture Securities Incorporated .

Sulapas’ account ledger with VSI also showed that he made 2,800 buy transactions from 2012 to 2019, even though he made only five cash payments during the period. This meant that Moron used clients' shares and forged documents to push through with the transactions. VSI insisted that they are exhausting all legal remedies to prove they have not broken rules and that they were “as much as a victim as the clients of R&L.”Several key officers of both investment houses were penalized by the SEC. The decision does not involve Tanco.

This rule led several market participants to question Tanco’s place in the PSE board, with some urging him to resign for delicadeza. “There have been no official statements issued yet by these committees and since I am not a member of either committee, I am not privy to what had been discussed at both meetings. Accordingly, I am unable at this time to address questions relating to the same,” Monzon said.

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