Yanitza González

The Panamanian Securities Commission has issued an alert against an unlicensed mutual fund with links to The Harris Organization financial services group.In an advisory dated October 25, 2002, La Comisión Nacional de Valores warned that Tulip Universal Project S. A., d.b.a. the Tulip Fund, has no license in Panama to market securities.

After months of ignoring blatant illegalities, Panamanian regulators finally acted against The Harris Organization financial services group this month and suspended its business operations. However, an Order by La Comisión Nacional de Valores (National Securities Commission) was itself suspended by the Panamanian Supreme Court following an application by The Harris Organization.