Cover-up o tanga lang? R&L Investments’ Lucy Linda Lee, owners want you to believe clerk stole P700M under their noses for 8 years

Philippine Stock Exchange insiders are scratching their heads on how a mere clerk could’ve pilfered P700 million from the owner of a stock brokerage firm for eight years.

A PSE source believes that Lucy Linda Lee and other owners of R&L Investments should be investigated further for their liability in the stock scandal even after its settlements employee, Marlo Moron, had confessed in a letter and video to pillaging the stock brokerage firm’s inventory since 2011.

“There are lots of holes in her story, Moron looks like a fall guy. The owners, at the least, should be held liable for gross negligence,” said the PSE source.

Another PSE source said that if Lee’s account was to be believed, it only showed their sheer stupidity for allowing one person, no matter how trusted, to handle settlement and stock position.

“Mukhang tanga lang talaga base sa kwento niya (Lee) kung totoo,” said the other PSE source.
In a report by the Philippine Daily Inquirer, Moron was adamant that he committed the scam on his own (he claimed to have transferred the shares to an account in Venture Securities) and virtually cleared Lee and her siblings who inherited the 50-year old brokerage firm when their father died a few years ago.

Lee told the PSE that she only found out about Moron’s alleged crime on Nov. 3, 2019 when she discovered that her firm’s stock inventory was short by at least P300 million. She later claimed to have been shocked that her firm’s stock inventory (pegged at P765 million as of end-2018) was wiped out after further checking.

According to the Capital Markets Integrity Corp. (a self-regulating watchdog on stock traders), the Mandaluyong-based R&L had Lee as its nominee and Jonathan L. Lee as associate. Linda Lee was listed as “OIC general manager and salesman.”

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

Converge backs infrastructure sharing to lower costs

Bilyonaryo Dennis Anthony Uy’s Converge ICT Solutions Inc. is supporting a proposal that allows telcos or internet service providers to share the cost of installation of underground pipes for telecommunication cables whenever new road infrastructure is built.

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