PSE continues probe on investment scam

ABS-CBN News

Posted at Mar 21 2016 05:59 PM

MANILA - The Philippine Stock Exchange Inc. (PSE) said it is still investigating an investment scam allegedly involving a former PSE employee.

PSE said it is not only investigating the involvement of the former assistant head of market education, Jose Cecilio 'Jay' Peñaflor, but other individuals as well, particularly agents and salesmen, who were tagged in the complaints.

The investigation will determine if these individuals used their position to help Peñaflor perpetrate the investment scam.

"We want to find out if our rules and regulations were violated not just by individuals but stock brokerage firms as well. If our investigation shows that rules were breached, we will mete out the applicable sanctions," PSE president and chief executive Hans Sicat said in a statement.

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He urged potential victims of investment solicitation scams to step forward and contact the PSE through e-mail at [email protected] or through its help desk number, 819-4100.

"We are getting a better picture of what may have transpired given the accounts and reports of complainants. We encourage other victims to also come out because the sooner they report their case, the better for everyone concerned," Sicat added.

Peñaflor is being accused of promising his victims stock allocations that he insisted were difficult to get, but he could access because of his close links to stock brokerage firms.

He also allegedly offered these stocks at huge discounts and high guaranteed returns within several days, but only if clients "reserve" ahead of time.

Peñaflor has denied the allegations against him.