SEC warns vs North East Luzon Foundation

By IRIS GONZALES

The Securities and Exchange Commission (SEC has raised the red flag against companies and foundations whose papers have been previously revoked but are still operating.

In a recent advisory, the SEC warned the public against North East Luzon Foundation Inc., which is still operating as a corporation.

The SEC issued the warning after it received information that certain individuals and/ or groups of persons have been representing to the public that North East Luzon 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 North East Luzon,” the SEC said.

“In this regard, the commission reiterates its previous advisory informing the public that the certificate of registration of North East Luzon Foundation has been revoked by the SEC in its decision dated Aug. 26, 2010,” it said.

The SEC urged 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.

It said certain entities may have been registered using the name North East Luzon Foundation or similar variations with the Cooperative Development Authority (CDA).

The public should first verify the legality of such entities with the CDA, the SEC said.

The SEC has been stepping up efforts against companies and other entities that solicit investments from the public as part of its fight against investment scams.