The case has since led to the preventive suspension of one of the SEC’s regional directors and an ongoing criminal investigation.
While the NBI did not identify the official in its statement, sources familiar with the matter confirmed to InsiderPH that the official was lawyer Jason C. Tan, director of the SEC’s Butuan Extension Office.
Director under preventive suspension
The previous day, the SEC confirmed that one of its directors was arrested for extorting funds.
“The SEC takes allegations of misconduct and breach of public trust very seriously. As overseer of the corporate sector and regulator of the capital market, the Commission maintains zero tolerance against unlawful practices within its walls and will not hesitate to take drastic actions against erring individuals from its ranks,” SEC chair Francis Ed. Lim said.
“We want to emphasize that the SEC coordinated with the NBI in the operation, has initiated administrative proceedings, and will continue to do what is necessary under the circumstances, including full cooperation with other government agencies and the aggrieved party,” he added.
What happened?
According to the NBI, Tan allegedly demanded money from HMW Lending Investors Inc. in exchange for the non-filing of administrative cases involving alleged violations of the Revised Corporation Code and Lending Company Regulation Act.
The NBI said the alleged demand started at P650,000 covering the company’s 13 branches in Caraga before being negotiated down to P250,000.
The NBI also alleged that Tan accepted marked money during a meeting at a coffee shop inside SM City Butuan, which was where the arrest took place.
Prominent anti-scam advocate
The case has cast an unexpected spotlight on an official who only months ago was urging the public to stay vigilant against misconduct and scams.
He issued a similar warning on the Facebook page of the Philippine Information Agency-Caraga Region on Oct. 31, 2025.
“If you happen to know of any group or individual promoting questionable investment schemes or aggressively recruiting people in your area, we encourage you to promptly report the situation to the Securities and Exchange Commission (SEC),” he said.
The regulator who warned the public about scams now finds himself facing scrutiny from fellow enforcers.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
