SEC Releases Updated Advisory on North East Luzon Foundation, Inc.

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Manila, Philippines- The Securities and Exchange Commission (SEC) issued an updated advisory against North East Luzon Foundation, Inc. (NELFI). The corporate regulator received reports that certain individuals and/or groups of persons have been soliciting funds for the meetings of NELFI.

The full text of the warning is quoted below;

“On June 4, 2013, the Securities and Exchange Commission (SEC) issued an ADVISORY which was prompted by information received from the public that certain individuals and/or groups of persons have been representing to the public that NORTH EAST LUZON FOUNDATION, INC. is still operating as a corporation.

Recently, a report was received by the Commission that certain individuals and/or groups of persons has been soliciting funds for the meetings of NELFI.

In this regard, the Commission reiterates its previous ADVISORY informing the public that the Certificate of Registration of NORTH EAST LUZON FOUNDATION, INC. has been REVOKED by the Securities and Exchange Commission in its Decision dated August 26, 2010.

The public is advised to exercise extreme caution in dealing with any individuals representing NORTH EAST LUZON FOUNDATION, INC. and urges anyone who has knowledge or information about any operation or transaction involving said company to report such activity immediately to the Commission so that appropriate measures can be taken.

The public is further informed that certain entities may have been registered using the name NORTH EAST LUZON FOUNDATION or variations thereof with the Cooperative Development Authority (CDA). In this connection, inquiries or reports as to the legality of the activities of said cooperatives should be addressed to the CDA.”

Source: SEC

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