The National Bureau of Investigation (NBI), in coordination with the Securities and Exchange Commission (SEC), arrested an SEC director for allegedly extorting funds from a private corporation. The statement was sent to media outlets including BitPinas.
Following the arrest during an entrapment operation, the Commission placed the director under preventive suspension while the investigation is ongoing. The SEC stated that its daily operations will continue without interruption.
SEC Issues Zero-Tolerance Statement
SEC Chairperson Francis Lim stated that the Commission takes allegations of misconduct and breach of public trust 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,” Lim said.
The regulatory body urged the public to report any irregularities or unethical practices involving SEC personnel through its online portal.
The agency added that it remains committed to investigating all reports and taking appropriate action in accordance with existing laws, rules, and regulations.
The arrest occurred amid several high-profile regulatory developments handled by the Commission. The SEC recently approved the entry of fintech firm Blockshoals Technologies Inc. into its regulatory sandbox framework to conduct dry runs of financial products in a controlled environment together with its global crypto exchange partner Binance. (Read More: Now Official: Binance to Enter PH via Blockshoals Partnership, SEC Sandbox Framework)
Additionally, the Commission’s enforcement actions remain active across regional offices. The SEC-Butuan Extension Office recently issued Cease and Desist Orders (CDO) and public advisories warning residents against the unlicensed cryptocurrency investment scheme operating under BG Wealth Sharing Ltd. (Read More: SEC Issues Cease and Desist: Orders BG Wealth to Stop Crypto Investment Operations in PH)
Listen to our latest episode
This article is published on BitPinas: NBI, SEC Arrest SEC Director for Alleged Extortion
What else is happening in Crypto Philippines and beyond?
