SEC seeks authority to charge scammers in court

Vivienne Gulla, ABS-CBN News

Posted at Aug 16 2016 03:08 PM

MANILA - The Securities and Exchange Commission plans to amend its charter to empower it to file civil cases against investment scam and insider trading suspects, Chairperson Teresita Herbosa said Tuesday.

Under the current system, only the victim can sue for damages and most of them don't have resources to pursue charges in court, Herbosa said.

"You need an amendment that would empower us not only to file a civil case against investment scammers, but to recover the profits that they gained, and turn around and give it to the victims," she said.

For insider trading cases, Herbosa said, the SEC could impose a P1-million fine per violation.