SEC fines Abra Mining for fraudulent trading

By Brix Lelis

Apr 15, 2024 12:22 am

THE Securities and Exchange Commission (SEC) has ordered Abra Mining and Industrial Corp. (AR) to pay a total penalty of more than P560 million for the 'unauthorized and fraudulent' trading of unissued and unlisted shares from 2015 to 2019.

The firm was found guilty of violating both Section 26 of Republic Act (RA) 8799, or the Securities Regulation Code (SRC), and Section 61 of RA 11232, or the Revised Corporation Code (RCC).

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