Police arrest clerk who allegedly stole P750m worth of stocks from firm

November 8, 2019

Operatives from the Anti-Cybercrime Group (ACG) of the Philippine National Police (PNP) have arrested an employee of R&L Investments Inc. who allegedly stole at least P750 million worth of stocks from the firm.

Police Brig Gen. Bernard Banac, the PNP spokesman, Thursday said  Marlo Moron, 44, settlement clerk of R&L Investments, was arrested on Monday at the brokerage firm at 4 pm

Police Lt. Col. Mary Ivy Salazar, officer-in-charge of the ACG's financial crime unit, said Moron admitted to the scam that forced the 50-year-old company to close.

Cases of qualified theft in relation to Republic Act 10175, the Cybercrime Prevention Act, , and RA 8484, the Access Devices Regulation Act, were filed against Moron before the Mandaluyong Prosecutor's Office.

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

Salazar said the owner of the R&L Investment  only learned of Moron's illegal activities when a stock broker called them to verify about a supposed request from the company to borrow shares.

This prompted R&L's officials to audit oron's work where they discovered the suspect's illegal activities.

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

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

Salazar said the suspect transferred shares of stocks 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 money he stole for quarry business and other investments.

But he admitted he lost large sums as he was hooked on gambling. DMS