The Securities and Exchange Commission affirmed the findings of the corporate watchdog Capital Markets Integrity Corp. (CMIC) that the stockbrokerage firm of businessman Eusebio Tanco, Venture Securities Inc., violated multiple trading rules that led to the collapse of another stockbrokerage firm—R&L Investments Inc.
The development prompted Tanco to decline his nomination as director of the Philippine Stock Exchange in the forthcoming board elections on July 2.
“Recent events which, unfortunately and unjustifiably, have besmirched the reputation of Venture Securities and its officers and employees compel me, out of delicadeza, to decline the nomination for membership in the Board of the Exchange,” Tanco said in a statement.
The SEC en banc in its decision dated June 15 also denied the appeal of VSI to reverse and set aside the resolution issued by CMCI, which found the stock brokerage in violation of the self-regulatory organization’s rules and imposed a corresponding penalty of P5.16 million.
