Stock broker gets 14 years jail time for BW stock price manipulation
Doris Dumlao-Abadilla, 22 May 2021
MANILA, Philippines – The Pasig Regional Trial Court has convicted a local stock broker of illegal stock trading in relation to the BW Resources stock price manipulation scandal 22 years ago.
Johnny Yap, then president, sales manager and director of Solar Securities Inc., was sentenced to 14 years in jail and ordered to pay a fine of P1 million for illegal trades that led to a 1,462-percent surge in the stock price of BW, a loss-making gaming stock.kIn a decision dated May 7, Pasig RTC Branch 67 found guilty beyond reasonable doubt of violation of Section 26(a)(I)(1) of the Revised Securities Act, now Section 24.1(a)(i) of the Securities Regulation Code (SRC). Continue reading “Article: Stock broker gets 14 years jail time for BW stock price manipulation”
