In re Speed Financial Management Services Technique, Inc. and Speed Credit Collection Services Co.

January 29, 2010 SEC ADMINISTRATIVE CASE NO. 12-03-75 [Ref. CED Case No. 02-2755] IN THE MATTER OF SPEED FINANCIAL MANAGEMENT SERVICES TECHNIQUE, INC. AND SPEED CREDIT COLLECTION SERVICES CO. ENFORCEMENT AND PROSECUTION DEPARTMENT , 1 petitioner . FOR : Violation of SRC, Sec. 8.1 and B.P. 68, Sec. 45 ORDER On 05 December 2003, petitioner filed a Petition for Revocation of SPEED FINANCIAL MANAGEMENT SERVICES TECHNIQUE, INC.'s Corporate Registration and SPEED CREDIT COLLECTION SERVICES CO.'s Certificate of Recording. Respondents are charged with engaging in soliciting, offering, accepting and selling investments or securities in the form of a Contract of Loan to the general public without any license from the Commission in violation of Section 8.1 of the Securities Regulation Code. 2 On 16 December 2003 and 03 August 2007, the Commission issued Orders directing respondents to file their answer on the Petition. These Orders were not served upon respondents and their officers since the addresses given by respondents in their respective articles of incorporation and articles of partnership submitted to the Commission were either fictitious, or the respondents moved out of such addresses without informing the Commission or providing any forwarding address. WHEREFORE, premises considered, Petitioner is hereby ORDERED to cause this Order together with the petition to be published in the Commission's website (www.sec.gov.ph), and posted in a conspicuous place at Commission's offices located at the ground floor, SEC Building, EDSA, Greenhills, Mandaluyong City for a period of at least fifteen (15) consecutive days. Further let a copy of this Order be published once in a newspaper of general circulation at the Commission's expense. SPEED FINANCIAL MANAGEMENT SERVICES TECHNIQUE, INC. and SPEED CREDIT COLLECTION SERVICES, CO. are hereby ORDERED to file their answer/comment on the petition within thirty (30) days after the said newspaper publication or web publication, whichever comes later. Failure to file the answer/comment within the prescribed period shall result in a judgment by default considering that the publication of this order is sufficient notice to the respondents of the administrative proceeding to revoke their charter. Lastly, the respondents are hereby advised that they may obtain a certified true copy of the petition from the Office of the General Counsel, 9th floor, SEC Building, EDSA, Greenhills, Mandaluyong City. SO ORDERED. CaEATI Mandaluyong City, January 29, 2010. By Authority of the Commission: (SGD.) VERNETTE G. UMALI-PACO General Counsel Footnotes 1. Formerly known as the Compliance and Enforcement Department or CED. 2. REPUBLIC ACT NO. 8799 (2000). Published in The Philippine Star on February 27, 2010.