Businessman Roberto “Bobby” Ongpin is now barred from being an officer of any listed firm and was ordered to pay P17.4 million by the Securities and Exchange Commission, after the regulator found him guilty of insider trading.
In affirming the ruling of the regulator’s Enforcement and Investors Protection Department (EIPD), the SEC en banc said that Ongpin has been found guilty of committing 174 counts of insider trading, a violation of Section 27 of the Securities Regulation Code (SRC).
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