The SEC released a statement yesterday outlining P560 million in fines relating to the illegally-issued Abra Mining [AR suspended] [link] shares that were sold during the basura stock craze of late FY20 and early FY21. The PSE’s suspension of AR’s stock in May 2021 effectively killed that basura stock craze and trapped AR shareholders in the stock for three years with little in the way of information from the SEC, the PSE, or AR itself to guide expectations. The SEC’s statement said that AR illegally issued 169 billion shares of AR across 474 stock certificates, leading to a situation where AR had 258.96 billion shares lodged with the PDTC, but only 72.95 billion shares listed on the PSE. The SEC said that AR’s officers “had or should have had knowledge” of the circumstances of the illegality, and dismissed claims of lack of knowledge as “attributable to their gross negligence in the performance of their duties.” The SEC also revoked AR’s registration statement and certificate to offer and sell securities.