October 10, 2008
SEC CED REF. NO. 2008-1506-CID
IN THE MATTER OF CARFEL VISTAMAR, INC.
O R D E R
Before this Commission is the request for settlement of the penalties imposed against CARFEL VISTAMAR, INC. (hereafter "CARFEL") for offering and/or selling securities in the form of non-proprietary shares (time shares) without the necessary secondary license in violation of Section 8 of the Securities Regulation Code (SRC), which provides that "securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission." Under SEC Memorandum Circular No. 6 Series of 2005 Consolidated Scale of Fines, violation of Sections 8 and 12 of the SRC under the first offense category shall be meted a penalty of 1% of the amount of each transaction or P10,000.00 per transaction, whichever is higher. STECAc
On 8 October 2008, CARFEL, through its President, Mr. Carlos Leobrera, formally requested the Compliance and Enforcement Department (CED) to pay EIGHTEEN THOUSAND PESOS (P18,000.00) or sixty percent (60%) of the total assessed penalty in the...
