Shakeup at PSE board amid stock market scandal

The Philippine Stock Exchange has announced a leaner top management team come July as it seeks a fresh start in the aftermath of a multimillion-peso equity market scandal.

Tanco, a longtime PSE director and chairman of brokerage company Ventures Securities, Inc. came under pressure after his brokerage firm got entangled in a financial fraud involving at least ₱700 million worth of shares siphoned off from stock market investors. Tanco's Ventures Securities has appealed the SEC decision saying the PSE's investigation unit, the Capital Markets Integrity Corporation , did not flag the brokerage of anomalies during the CMIC's regular audit.

Millions of pesos in fines have also been imposed on the two brokerages and their officials, except for Tanco.

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