GEI Training & Services Center, Inc.

Se RITIES AND EXCHANGE COMMISS SEC Building, EDSA, Greenhills Kepublic ot tne Pnuuippines Mandaluyong City 100 KA bTA An Compliance and Enforcement Department IN THE MATTER OF GEI TRAINING. & SERVICES CENTER, HINC. CED Case No. 01-2605 V CEASE AND DESIST ORDER duly registered domestic corporation under SEC Registration No. A200005445. It was registered with the Securities and . Exchange Commission GEI Training & Services Center, Inc., hereinafter referred to as "GEI," is a amended on October 2, 2000, are: ("Commission") on May 3, 2000. Its primary and secondary purposes, as Primary Purpose: "To promote, establish and operate training centers and/or information technology, and other apprenticeable trades and occupations in which qualified and deserving persons may be institution in the field of marketing, management, economics, taught, developed and trained in a well-rounded, theoretical and them the right sense of professionalism in the performance of their practical method including on the job training so as to instill in work; to conduct and sponsor other managerial, and human situation and needs of the Philippines and finally, to promote, documentation facilities in the field of business administration, sociology. establish, maintain and operate research centers, information and development courses/seminars as may be best suited to the current especially on economics, technology, training, labor relations and be construed as a grant of a permit to operate a technical school or any other educational institution." "Provided, that the registration of the articles of incorporation shall not Secondary Purpose: growth and development, both domestic and worldwide; compile, disseminate current and updated information through newsletters "To engage 'in the research of vital issues affecting economic #(s and providing business views and expertise in being able to project projections; engage in the sale of management advisory, compiled and identify areas of investment both immediate and the short term information and/or information network facilities. To operate as money changer or exchanging foreign currencies into domestic currency and vice versa, or other foreign currencies into another foreign currencies. The corporation is now the subject of an investigation brought about by the complaints formally lodged to the Commission's Compliance and Enforcement Department, as well as to the National Bureau of Investigation promised by the corporation, will yield a profitable return at an average of 30% NCR, by clients and employees of GEI alleging that the latter solicits money from prospective clients to be invested to foreign currency trading which, as per month. The complainants further alleged that they in fact remitted money to would be in a "diminishing situation." GEI and were asked to infuse additional money whenever their investment currency futures contracts in behalf of clients without the necessary license from The stated facts show that GEI is engaged in the trading of foreign the Commission. Such is a direct violation of Section 11 of the Securities and Regulations of the SRC. Regulation Code (SRC) and the related provisions of the Implementing Rules it was .established or organized primarily to establish training and research centers and secondarily to conduct economic researches and to operate as Further, the foregoing activity was undertaken by GEI despite the fact that money changer or exchanging domestic and foreign currencies. Commission dated May 17, 2001 shows that the subject corporation was never licensed to engage in the futures trading. The certification issued by the Market Regulation Department of this of "ultra vires" act, there is an urgent necessity to restrain or enjoin the subject trading and in view of the serious nature of misrepresentation and commission corporation from further engaging in futures trading in order to safeguard and protect the interest of the investing public in general. Considering that GEI has not been issued a license to engage in the futures Commission by law, GEI TRAINING & SERVICES CENTER, INC., its officers, directors, agents, representatives and any, and all persons claiming and acting under their authority, are hereby ordered to immediately CEASE AND WHEREFORE, pursuant to the power and authority vested to the - DESIST from further engaging in the solicitation of funds for foreign currency trading and operating as a foreign currency futures merchant/broker upon receipt of this Order. In accordance with the provisions of Section 64.3 of Republic Act 8799 otherwise known as the Securities Regulation Code, the parties subject of this Cease and Desist Order may file a request for the lifting thereof within five (5) days from receipt hereof. SO ORDERED. Mandaluyong City, Metro Manila. May 17, 2001 JOSE TOMAS C. SYOUIA Asst. Director