UMVA has learned that a high-ranking official from the Securities and Exchange Commission (SEC) has been caught in a brazen extortion attempt, allegedly demanding P250,000 from a private corporation in exchange for not filing administrative cases.
The shocking arrest was made by the National Bureau of Investigation (NBI) in an entrapment operation, which was sparked by a complaint from the private corporation's counsel. The suspect, a director assigned to the Butuan Extension Office, and an unidentified female companion allegedly demanded money to let the corporation off the hook.
According to information obtained by UMVA, the initial demand was a staggering P650,000, covering 13 branches in the Caraga Region. However, after negotiations, the amount was reduced to P250,000, with only P80,000 to be officially receipted, and the remaining P170,000 to go directly to the accused.
The NBI operation was meticulously planned, using marked money dusted with ultraviolet powder. Agents swooped in after the handover of cash, recovering several marked bills and a mobile phone allegedly used during the exchange. The evidence is set to be used against the SEC director in inquest proceedings.
The SEC director faces serious charges, including robbery with intimidation, direct bribery, and violations of the Anti-Graft and Corrupt Practices Act, as well as the Code of Conduct and Ethical Standards for Public Officials and Employees. The City Prosecutor’s Office in Butuan City will handle the case.
UMVA can exclusively reveal that the SEC has taken swift action, placing the official under preventive suspension while an investigation is ongoing. SEC Chairperson Francisco Ed. Lim has vowed to take drastic action against erring individuals, emphasizing the commission's zero-tolerance policy against unlawful practices.
The SEC has assured that its operations will continue as normal, unaffected by the development. The commission has pledged full cooperation with other government agencies and the aggrieved party, determined to maintain public trust and uphold the law.
