(The following press release from Philippine Stock Exchange was received by e-mail. The sender verified the statement.) NEWS RELEASE 19 March 2013 Court convicts stockbroker for Securities Regulation Code violations The Regional Trial Court of Makati City (RTC) has put finality to a landmark securities case after handing the guilty verdict to Mr. Francisco O. Borromeo on seven violations of Republic Act No. 8799 or the Securities Regulation Code. Mr. Borromeo, former president of the defunct brokerage house Asian Capital Equities, Inc. (ACEI) was sentenced to pay a total amount of P2.1 million. The verdict was issued by Judge Selma Palacio Alaras of Branch 32 of the RTC on March 19, 2013 following the withdrawal of Mr. Borromeos pleas of not guilty and his voluntary entry of pleas of guilty on all seven charges. The cases against Mr. Borromeo were filed on January 2005 on the account of the unlawful and felonious acts he committed in order to defraud his clients, including, among others, the sale of his clients shares without his clients consent, the use of fictitious and dummy accounts in buying transactions and his failure to deliver the payment proceeds from the sale of his clients shares. In the course of the presentation of evidence against the accused, Mr. Borromeo reconsidered his not guilty plea and entered a plea of guilty, Department of Justice Senior State Prosecutor Peter Ong explained. Mr. Borromeo was arraigned on August 14, 2007 where he entered not guilty pleas to all the charges filed against him. In May 2007, the PSE sought the help of the public in tracking down Mr. Borromeo who went in hiding after several arrest warrants were issued against him. Meanwhile, Philippine Stock Exchange President and CEO Hans B. Sicat expressed that this decision is in line with the good governance efforts of the PSE and the government. I understand that this is the first criminal conviction under the Securities Regulation Code which is one of the reasons why the PSE has been following this case closely. The outcome of this case shows that white collar crimes are punished in this country, Mr. Sicat said. We thank all the hard work of the Securities and Exchange Commission and the Department of Justice in helping ensure that justice is served to Mr. Borromeo. This should help give more confidence to the growing investing public, Mr. Sicat added. ACEI was closed in 2003 and its assets, including its trading right, were liquidated in 2008 to settle its liabilities to clients. ###
PSE SAYS PHILIPPINES HAD FIRST CRIMINAL CONVICTION UNDER SRC
Press spacebar to pause and continue. Press esc to stop.