Luis Manzano

At least 40 investors of FlexFuel filed estafa complaints against Manzano and other Flex Fuel officials after these investors claimed that the company failed to ...

In the case of PetroMobil Corp, the SEC said for a minimum capital of P400,000, the company is promising a conservative profit of P100,000 within three months and a chance to co-own 17 gas stations. Meanwhile, Ofir Petroleum, which was also soliciting investments for construction of gas stations, promised investors that the yield will be as much as 35 to 45 percent per annum. A certificate of incorporation issued by the SEC to a corporation is not enough. Those who invite or recruit others to join or invest in such venture or offer investment contracts or securities to the public may also incur criminal liability, or otherwise be sanctioned or penalized accordingly. The SEC, in an advisory, explained that the usual scheme of these small gasoline companies is to lure investors by advertising that they can co-own a gas station for a minimal amount of at least P300,000. It noted that in the said offers, the construction, management and operation of the gas stations will be the responsibility of the company.