Lambda Phi Epsilon was founded on February 25, 1981 by a group of nineteen dedicated men led by principal founder Mr. Craig Ishigo. The goal of the founders was to transcend the limitations faced by traditional Asian-interest organizations on campus. While these organizations were often split along lines of national origins, the founders sought an establishment that drew its membership equally from the different segments of the Asian American community. Their vision was that the members would eventually become the leaders of their respective ethnic communities, and thus, bridge the gaps fragmenting the Asian American community through their affiliation with a common organization.

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