Insider Trading Calata

A few months back, I posted what I thought about Calata and how I do not like the people who owns and run it. The majority holders are speculators and politicians who I do not trust.

In its complaint affidavit filed with the Department of Justice on Tuesday, the SEC, through its Enforcement and Prosecution Department, identified the respondents as Zandro Jose Zulueta, Michael Ilustre Angeles, Carmelo Dela Cruz Bunag, Arnold Ryan Daquiz Dellosa, Richie Ramille Isip, Arnold Daquiz Martin, Gary Lincoln Calixtro Taboso, Dennis Philippe Valencia Vistan, Juvy Ocampo, Glaizel Eco, King Bryan Sulit, Alvin Morfe and Sheryl Sia.

source: http://www.interaksyon.com/business/49157/sec-sues-ceo-of-calatas-financial-advisor-12-other-insiders-for-stock-price-manipulation

If you were one of those IPO investors, you did made a lot of money. But because the insider traders did that to make themselves rich, the same amount of money was lost by other people. Its a zero sum game. They managed to pocket P216,054,949.65. And the sad thing is the fine can only amount to P5million at max. I trust the PSE to do appropriate action on this. But I really doubt if the inside traders would be jailed. There are a lot of rich and powerful people behind this and people who have position in politics. This is a test if we could really trust our stock market.