Selling unregistered securities as an investment scam is nothing new.
A cursory look at the history of scams in this country will reveal that some people intent on separating unwitting investors from their hard-earned cash have thought of many ways to make this happen.
But selling unregistered investments in gasoline stations—and promising hefty dividends in return—is a relatively new phenomenon as these things go.
Late last week, the Securities and Exchange Commission (SEC) issued a certification to clarify the status of an investment scheme allegedly being offered by gasoline retailer PetroMobil that has been circulating around social media.
In an official document obtained by Biz Buzz, SEC director Vicente Graciano Felizmenio Jr. said the agency’s Markets and Securities Regulation Department had no records showing that a number of fuel retailers had any registration to offer securities to the investing public.
By “securities,” the agency means a contract between a party offering equity or debt in an undertaking and a person who will shell out funds in return for financial returns, an activity that must be registered with the SEC if it involves the money of 19 or more funders.
According to the SEC official, PetroMobil, FlexFuel, Jeafer Fuel, Maximum Fuel, Power Fill, Nirvana Fuel Corp., Marz Fuel, Ofir Petroleum, Astral Fuel and iFuel are not authorized to sell any such securities to the public as specified under the Securities Regulation Code.