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SEC director arrested in NBI extortion sting

Business | The Stock Market

SEC director arrested in NBI extortion sting

By Manila Bulletin Newsroom

The Securities and Exchange Commission (SEC) announced that one of its directors was arrested for extortion by the National Bureau of Investigation (NBI) in an entrapment operation.

The commission said the NBI and SEC coordinated in the arrest of the unnamed SEC director for allegedly extorting funds from a private corporation.

“The commission has placed the director under preventive suspension while the investigation is ongoing,” the SEC said.

It assured the public that operations at the SEC will continue as usual and will be unhampered by the development.

“The SEC takes allegations of misconduct and breach of public trust very seriously. As overseer of the corporate sector and regulator of the capital market, the commission maintains zero tolerance against unlawful practices within its walls and will not hesitate to take drastic actions against erring individuals from its ranks,” SEC Chairperson Francis E. Lim said.

The SEC urged the public to report any irregularities or unethical practices they may encounter in transactions involving commission personnel through imessage.sec.gov.ph.

“We remain committed to promptly investigating all reports and taking appropriate action in accordance with existing laws, rules, and regulations,” Lim said. - James A. Loyola

Related Tags

Securities and Exchange Commission National Bureau of Investigation Francis E. Lim

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