MANILA: The Court of Appeals (CA) upheld the decision of the Muntinlupa City Regional Trial Court's (RTC) guilty verdict on the two businessmen for violating the securities and regulation code.
In decision dated April 4 penned by Associate Justice Franchito Diamante and concurred in by Associate Justices Japar Dimaampao and Zenaida Galapate-Laguilles, the CA’s Seventh Division affirmed with modification the judgment of the Muntinlupa City Regional Trial Court (RTC), Branch 256, finding Palmy B. Tibayan and Rico Z. Puerto guilty for violation of Section 73 in relation to Section 8.1 of Republic Act 8799, otherwise know as the Securities Regulation Code of the Philippines.
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