The Philippine Securities and Exchange Commission’s Markets and Securities Regulation Department revoked Mount Peak Securities’ broker-dealer registration and imposed PHP 17.25 million in penalties for violations of 12 provisions of the Securities Regulation Code’s implementing rules. It also revoked the licenses of company President Wilster Gaweco as a salesman and Marie Stephanie Gaweco as an associated person, permanently disqualifying both from registration. The violations included using a dummy client account for the president’s personal benefit, unauthorized transactions involving customer securities, forged customer information and inaccurate books and regulatory reports. Mount Peak also had deficient back-office controls, breached the 110% risk-based capital adequacy threshold without notifying regulators or ceasing business, fell below the PHP 30 million minimum unimpaired capital threshold after adjustments, and failed to maintain required customer funds in its Reserve Bank Account. The decision is pending before the Commission En Banc following Mount Peak’s appeal.
2026-05-20Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission revokes Mount Peak broker-dealer registration and imposes PHP 17.25 million in penalties
The Philippine Securities and Exchange Commission revoked Mount Peak Securities’ broker-dealer registration and imposed PHP 17.25 million in penalties for 12 regulatory violations, including misuse of client accounts, false records and capital breaches. Two company officers also lost their licenses and were permanently disqualified from registration. Mount Peak has appealed the decision to the Commission En Banc.