Mere slap on the wrist: SEC hearing panel sets aside revocation order vs Yosi Tanco’s Venture Securities, slashes fine to P1.6M from P8M

By Eileen Mencias

A special hearing panel of the Securities and Exchange Commission has gone soft on businessman-stockbroker Yosi Tanco’s Venture Securities Inc. which was implicated in the collapse of R&L Investments Inc. in 2019.

According to Sycip Gorres Velayo & Co. Partner Janet A. Paraiso, the SEC hearing panel granted the motion for reconsideration filed by Venture Securities, seeking the reversal of an order revoking its registration and license as a broker and dealer.

The hearing panel also trimmed the fine on Venture Securities from P8 million to P1.6 million.

Based on the 2021 financial statement filed by Venture Securities, however, the officers and directors of the Tanco-led brokerage house were slapped with a P32 million penalty.

The Investigating and Review Committee of the SEC’s Market Securities and Regulation Department appealed the March 29, 2022 decision of the special hearing panel.

As of August 1, the SEC has not decided on the motions for appeal.