Clerk nabbed for P750-Million theft from stock brokerage firm

MANILA, Philippines — Operatives from the Anti-Cybercrime Group (ACG) of the Philippine National Police (PNP) have arrested a stock brokerage firm employee who stole at least P750 million worth of stocks from his employer.

PNP spokesman Brig. Gen. Bernard Banac yesterday confirmed the arrest of Marlo Moron, 44, settlement clerk of R&L Investments.

Moron was arrested at the stock brokerage firm’s office at around 4 p.m. on Monday.

Lt. Col. Mary Ivy Salazar, officer-in-charge of the ACG’s financial crime unit, said Moron readily admitted orchestrating the scam that forced the firm to cease operations.

Charges of qualified theft in relation to Republic Act 10175, also known as the Cybercrime Prevention Act, and RA 8484 or the Access Devices Regulation Act, were filed against Moron before the Mandaluyong prosecutor’s office.

Moron, an employee of R&L investments for 16 years, has been siphoning money from the company since 2011, Salazar said.

The firm’s officials only learned of Moron’s activities when a stock broker called them to verify a supposed request from the company to borrow shares.

This prompted the firm’s officials to conduct an audit of Moron’s work.

The clerk was about to steal millions in pesos worth of stocks when he was caught by his superiors.

An investigation revealed that  Moron first stole P40,000 in 2011 and the amount grew gradually after he was not caught.

Salazar said Moron transfered the shares of stock to another person in exchange for a commission of three percent. He then falsified the company’s inventory reports to avoid detection.

Moron told probers he used the money he stole for his quarry business and other investments. However, he also admitted he lost large sums of cash in casinos.