A recent news today about a Stock Brokerage Firm called R&L Investment Inc. closed its doors to its investors after suffering a heavy loss of over Php 700-Million worth of investments not by a stock crash, but by a dishonest employee who pilfered his way to the fund since 2011.
According to the report from The Inquirer:
“The Inquirer obtained a copy of the letter of R&L Investments’ owner, Lucy Linda Lee, to PSE director Alejandro Yu narrating the details of the theft by the firm’s employee, Marlo Moron, who allegedly began dipping his hands into the firm’s stock inventory in small amounts in 2011—with the amounts gradually increasing as he was emboldened over the years.”
“The scam remained undetected over the years because the settlement clerk was the same person who was in charge of preparing the daily stock position reports for the owners—reports which he confessed to doctoring in a separate handwritten confession seen by the Inquirer.”
“Moron claimed to have acted alone, and said he was forced to steal in larger amounts over time because of a growing casino habit.” (Source: Inquirer)
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Trust, but verify.