SEC director nabbed in entrapment operation over alleged extortion

A high-ranking official of the Securities and Exchange Commission (SEC) was arrested by operatives of the National Bureau of Investigation (NBI) in an entrapment operation over an alleged extortion racket.

In a statement on Wednesday, the SEC said a director, whom it did not identify, was arrested “for extorting funds from a private corporation.”

The official has been placed under preventive suspension pending investigation, the regulator added.

The SEC said its operations will continue as normal despite the arrest of one of its officials.

“The SEC takes allegations of misconduct and breach of public trust very seriously. As overseer of the corporate sector and regulator of the capital market, the Commission maintains zero tolerance against unlawful practices within its walls and will not hesitate to take drastic action against erring individuals from its ranks,” said SEC Chairperson Francis Lim.

The agency urged the public to report any irregularities or unethical practices involving SEC personnel through imessage.sec.gov.ph.

The SEC also said it remains committed to promptly investigating all reports and taking appropriate action in accordance with existing laws, rules, and regulations.—MCG, GMA News