Raul Lambino, the administrator of the Cagayan Economic Zone Authority - the special economic zone that licenses cryptocurrency exchanges operating in the Philippines - has come under fire for allegations of corruption.
The outlet claims that Lambino has unexplained wealth in the tens of millions of dollars.
Lambino allegedly misappropriated millions from crypto companiesLambino allegedly charges each cryptocurrency company applying to operate under CEZA $100,000 for principal licensing fees plus an application fee of $100,000.
The intelligence report purports that Lambino records having only $3,000 in the receipt for these fees, suggesting that he is embezzling the other $97,000.
With 25 cryptocurrency companies operating within Lambino's CEZA administration, the report suggests that the administrator has pocketed at least $4.8 million in application and licensing fees alone.
CEZA resources allegedly dedicated to electing Lambino's family.
The NICA report purportedly claims that crypto and gaming companies pay Lambino a weekly stipend, contributing to Lambino's illegitimate income of $98,000 each week that is earnt through "Various schemes."
Lambino is also accused of squandering his department's treasury, with the report claiming that Lambino disbursed $36.4 million in previously unused and unprogrammed funds within 12 months of taking office.
NICA's report asserts that Lambino has traveled abroad 22 times within a year, violating a ban on foreign travel for Philippine government officials.
The report asserts that Lambino has distributed television sets and groceries as gifts to citizens of the province of Pangasinan to secure support from voters.
Philippine Cryptocurrency Regulator Accused of Misappropriating Millions
gepubliceerd op Feb 28, 2020
by Cointele | gepubliceerd op Coinage
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