November 14, 2019
SEC EN BANC CASE NO. MP-2019-001
IN THE MATTER OF: R & L INVESTMENTS, INC.
ORDER
FACTUAL ANTECEDENTS
On 31 October 2019, a certain Lucy Linda D. Lee, who introduced herself as a nominee of R & L Investments, Inc. ("R&L"), reached out to Mr. Alexander Yu, Director of the Philippine Stock Exchange, through a phone call to report an untoward incident involving R&L's settlement clerk, Mr. Marlo Moron. 1 The said phone conversation was followed by a face-to-face meeting at around 3:30 in the afternoon of the same day, attended by Mr. Joseph Lee, President of R&L, and Ms. Lee, and the representatives of the PSE, the Securities Clearing Corporation of the Philippines (SCCP), and the Capital Markets Integrity Corporation (CMIC). 2
During the said meeting, Ms. Lee divulged that she had been informed by Ms. Sandra Yu, the nominee of Yu & Company, Inc., that R&L's settlement officer made numerous error transactions on several trading days. Upon investigating the matter, Ms. Lee stated that when she logged in at R&L Philippine Depository & Trust Corporation's...
