Philippine clerk’s US$14 million theft forces closure of 50-year-old brokerage firm

A clerk who stole more than 700 million pesos (US$13.87 million) worth of stocks over eight years from one of the Philippines’ oldest brokerage firms, forcing its closure, will be at the centre of a wide-ranging investigation called for on Friday by the country’s stocks regulator. R&L Investments Incorporated closed its doors on Monday after its owners uncovered a long-running scam by an employee that had wiped out “almost all of our stock position”, owner Lucy Linda Lee was quoted as saying…