The Securities and Exchange Commission (SEC) has agreed to accept a settlement offer from five individuals of PCCI Securities Broker Corp, who have been fined for violating the Securities Regulation Code.
The initial P6.05 million penalty imposed by the SEC’s Enforcement and Investor Protection Department has been reduced to P3.63 million, equivalent to 60 percent of the total fine.
According to SEC-EIPD Director Oliver Leonardo, the settlement offer has been accepted by the commission without any determination of fault or guilt on the part of the five PCCI officers and employees involved in the case.
The penalties ranging from P350,000 to P2 million were imposed on the individuals on April 27, 2022.
PCCI compliance Officer Joemarie G. Biaten was originally slapped with a P3 million fine for committing a fraudulent transaction under Section 26.1 of the SRC, aiding and abetting a violation of the SRC under Section 51.4, and violating order ticket rule 213 by not providing time and date stamps on the order.
On the other hand, PCCI president Francisco Liboro was fined a total of P2 million while PCCI vice president and treasurer Corazon Galang, PCCI finance officer Placida Orlina, and PCCI order taker Raymond Lim were fined P350,000 each.