Lawyer Rommel G. Oliva, Securities Counsel III assigned to the SEC Compliance and Enforcement Department, was also found guilty of dishonesty after he falsified his personal data sheet (PDS) by not declaring that he has a pending criminal case before the Office of the Ombudsman.
As penalties, Oliva was disqualified from re-employment in any branch or agency of the government, including government-owned and controlled corporations (GOCCs).
His retirement benefits and accrued leave credits were also forfeited.
Substantial evidence gathered by the Office of the Ombudsman showed that Oliva, a hearing officer in G. Cosmos’ case before the SEC, demanded money from the company’s officials in exchange for the lifting of the temporary cease-and-desist order (CDO) issued by the SEC against G. Cosmos for engaging in unregistered investment contracts.
Oliva managed to get P400,000, with the money deposited by a G. Cosmos employee in his bank account.
The Office of the Ombudsman also described as an "irregular and contemptuous act" Oliva’s meeting with G. Cosmos officials at a five-star hotel during office hours to explain the legal provisions on settlement offers, as the lawyer claimed.