PSE expands Peñaflor probe

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The Philippine Stock Exchange Inc. (PSE) has extended its investigation to brokerage firms and other people who may have connived with former employee Jose Cecilio “Jay” Peñaflor, who is believed to have victimized innocent equities investors for more than P300 million.

In a statement on Monday, the PSE said that it is now probing the extent of the alleged investment scam that shook the country’s capital markets. Part of the investigation is to determine whether individuals, agencies, or salesmen tagged in the complaints may have used their position to facilitate the alleged offenses committed by Peñaflor.

The stock exchange said that it wants to know whether the brokerage firms that were represented by Peñaflor and his alleged co-conspirators had prior knowledge of the apparent securities violations and other alleged crimes committed.

“We want to find out if our rules and regulations were violated not just by individuals but stockbrokerage firms as well. If our investigation shows that rules were breached, we will mete out the applicable sanctions,” Hans Sicat, president and chief executive officer of the Exchange said.


The PSE earlier said that Peñaflor is not connected with legitimate registered brokers Regina Capital Development Corp., H.E. Bennett Securities Inc. and Venture Securities Inc.

The three trading participants earlier vehemently denied being connected with Peñaflor at any time.

Further, the PSE said that it continues to call on potential victims of investment solicitation scams to approach the Exchange. Any information on the alleged scam may be sent to the PSE through e-mail at investing@pse.com.ph 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 said.

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