[CED CASE NO. 03-2771. July 3, 2013.]
SEC Admin Case No. 01-08-91
IN THE MATTER OF NORTH EAST LUZON FOUNDATION, INC.
ORDER
On May 31, 2013, an Order was issued by this Department directing NORTH EAST LUZON FOUNDATION, INC. (NELFI) to show-cause within a non-extendible period of ten (10) days from receipt hereof why NELFI, its directors and officers, should not be held in contempt of the Commission for continuing its operations and soliciting membership fees, funds or contributions from the public in defiance of the 26 August 2010 Decision of the Commission En Banc revoking the Certificate of Registration of NELFI.
In the said Order, NELFI, its directors, officers, members, agents, representatives and any and all persons acting for and in its behalf, were further directed to immediately cease from soliciting membership fees or other forms of financial contributions from the public.
On June 18, 2013, the President/CEO of NELFI, Germinigildo A. Asoy, filed with this Department a COMPLIANCE (With the Show-Cause Order dated May 31, 2013) stating therein, among others, that he shall endeavor that his tenure as...
