The Securities and Exchange Commission (SEC) has secured a conviction against a participant in the Best World Resources Corp. (BW Resources) market manipulation scandal in the late 90s.
The SEC charged Johnny Yap, president of Solar Securities Inc. with violation of the Securities Regulation Code (RA8799) to which the Pasig City Regional Trial Court Branch 67 agreed and sentenced Yap to 14 years in jail and a P1 million fine, in a decision dated May 7, 2021.
The court also ordered the arrest of Yap.
In its decision, the Pasig court ruled Yap “manipulated the market in illegal trade transactions” using the stocks of then listed Best World Resources Corporation (BW).
The BW Resources scandal nvolved the meteoric rise in the share price of the company’ from P0.80 in 1998 to P53 a year after, underpinned by evidences of insider trading involving the company’s owner and certain stockbrokers, an investigation by the SEC and the Philippine Stock Exchange showed
