BIZ BUZZ: ‘Petroscam’ | Inquirer Business

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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.

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