Philippine billionaire Manuel Villar saw his fortune drop by $1.2 billion after the Securities and Exchange Commission (SEC) filed a criminal complaint against him, his flagship Villar Land, and company directors for alleged market manipulation and insider trading.
The SEC accused Villar Land of issuing false or misleading statements that defrauded investors. The complaint was filed with the Department of Justice last Friday. Villar Land said it will respond once it officially receives the charges.
Following the filing, Villar Land shares plunged 29%, triggering selloffs across Villar’s other firms, including Vista Land (-15.3%), AllDay Marts (-30%), AllHome (-13.9%), VistaREIT (-14.9%), and Premiere Island Power REIT (-12.6%). Villar’s net worth now stands at $3.3 billion, down from $4.5 billion.
Respondents also include Villar’s wife, former senator Cynthia Villar, and their children Manuel Paolo, Camille, and Mark Villar, who are directors of Villar Land.
News Source: Forbes