Brokerage firm denies connection with alleged scammer

Local brokerage firm Regina Capital Development Corp. on Monday denied having connections with a former Philippine Stock Exchange (PSE) official, who is currently being linked to scamming investors of an estimated P100 million.

"Mr. Jose Cecilio "Jay" Peñaflor has never been connected with our company," said Luis A. Limlingan, business development head at Regina Capital, in an email.
Peñaflor was PSE's assistant head of market education.

The statement was issued after Peñaflor was reported to have been using the names of accredited brokers to convince them of the legitimacy of his transactions, and in the process allegedly amassed an estimated P100 million.

According to Limlingan, PSE employees are not allowed to be employed by brokerage firms in the PSE.

"Mr. Peñaflor was an employee of the Philippine Stock Exchange (PSE), as such, he is prohibited from any employment in a PSE member brokerage firm. Stock brokerages are distinct corporations from the PSE," he said.

For its part, the PSE clarified that based on its records, Peñaflor is not employed as a trader or agent of any of its accredited trading participants (TPs).

"In fact, our records also show that he is not licensed by the Securities and Exchange Commission as a salesman or trader of any of our TPs," the PSE said in a public advisory. — BAP, GMA News