SEC director arrested over alleged extortion

MANILA, Philippines – The National Bureau of Investigation (NBI) arrested a Securities and Exchange Commission (SEC) director in an entrapment operation for allegedly extorting money from a private corporation.

In a statement issued on Wednesday, the SEC said NBI carried out the operation in coordination with the corporate regulator.

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The Commission placed the official under preventive suspension while authorities continued their investigation.

The SEC did not identify the official or disclose additional details about the alleged offense, citing the ongoing investigation.

“Operations in the SEC will carry on as usual and will be unhampered by this development,” the agency said.

Moreover, SEC Chair Francis Lim said the regulator takes allegations of misconduct and breaches of public trust seriously, stressing the agency’s “zero tolerance” for unlawful practices within its ranks.

“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 actions against erring individuals from its ranks,” Lim said.

The SEC encouraged the public to report any irregularities or unethical practices involving Commission personnel through its official reporting channels. /pai INQ