Brokerage firm forced to shut down by P750-M stock theft

A brokerage firm temporarily shut down its operations after an employee of the company allegedly stole P750 million worth of stocks it held for investors.

"Nagkaroon ng tinatawag natin na cybercrime dahil electronically 'yung magnanakaw ay nakapaglipat ng mga shares ng mga customer ng brokerage na 'yun at nilipat sa isa ng brokerate at doon pinabenta," Philippine Stock Exchange (PSE) Director Alejandro Yu said.

Marlo Moron stole from R&L Investments Inc., one of the oldest brokerage firms in the country, according to a Thursday report by Sandra Aguinaldo on GMA News' 24 Oras.

When asked for comment, Moron declined to be interviewed.

In his written statement, Moron claimed that he committed the theft alone. He started stealing small amounts in 2011 until he was tempted to acquire larger amounts.

The suspect further added that he became addicted to casinos.

However, according to the Philippine National Police Anti-Cybercrime Group, Moron may not have been working alone.

"Marami po indikasyon na hindi siya nag-iisa," Cyber Financial Crime Unit Chief Lieutenant  Colonel Mary Ivy Salazar said.

Qualified theft in relation to Republic Act 10175 or the Anti-cybercrime Law and Illegal Access were filed against Moron.

In a statement, R&L said they were prioritizing the client's affected by Moron's activities.

"At present, our priority is to dialogue and collaborate with the clients affected by Mr. Moron's fraudulent activities," it read.

"At the same time, we are also in the midst of a comprehensive and rigorous investigation to determine how Mr. Moron was able to intentionally and deliberately deceive our company, its auditors, and other regulators for such an extended period of time," it added.

According to PSE, what happened to the firm had no general negative effect on the organization.

"Ang owner naman ay mayroong pangako at ang kanilang lisensya ay nakapatong sa kanilang bond sa PSE at ito ay puwedeng mai-revoke kung sakaling hindi nila maayos," Yu said. —Joahna Lei Casilao/NB, GMA News