SEC Chairman Lilia Bautista said a third report prepared by the agency’s Compliance and Enforcement Department will be presented for approval to the Commission en banc – the SEC’s highest governing body – tomorrow (Tuesday) before being forwarded to the DOJ last December had dismissed for lack of evidence the cases against the rest of the BW investors, which left the SEC "disappointed."
Tan, owner of the on-line Bingo Pilipino franchise and the single biggest individual stockholder in BW with about 12 percent of total outstanding shares, is a known ally of President Estrada who himself was implicated in the trading scandal during his impeachment trial that eventually led to his ouster from office.
Juan is a close associate of Tan while Lim was BW president at the time the probe was conducted.
Baustista said the latest edition of the SEC report will present more airtight evidence against the respondents. She particularly cited that offcials of brokerage companies who had direct supervision over the BW trades during the stock’s spectacular surge within a six-month span in 1999 are now in the new list.
The DOJ junked the two prior reports since they were not able to establish the culpability of the top officials (chairmen/presidents) of brokers and investment firms cited in the scandal.
The SEC had tagged eight brokers for major violations such as wash sale and kiting. These are PCCI Securities and Brokers Corp, A.T. de Castro Securities, Asiasec Securities, Securities 2000, Angping & Associates, Quality Investments and Securities, Guild Securities and Armstrong Securities. Three other brokers (Belson Securities, PNB Securities and Aurora Securities) were cited for minor offenses.