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Philippine Regulator Calls for 'Thorough' Probe Into Rogue Clerk After $14 Million Stolen
The Philippines’ stocks regulator called for a “thorough” investigation into a brokerage that was shuttered after one of the firm’s employees stole more than 700 million pesos ($14 million) worth of stocks since 2011. R&L Investments Inc., one of the oldest brokerage firms in the country, is being probed by the Philippine Stock Exchange’s audit and surveillance unit. The Philippine Daily Inquirer reported on Thursday that a settlement clerk siphoned off shares from the firm’s stock inventory into another account and profited from the transactions. The bourse must conduct “a thorough investigation to ... (full story)
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