PetroMobil promised returns of as much as P100,000 for every P400,000 – a typical Ponzi scheme, according to the Securities and Exchange Commission.
MANILA, Philippines – The Securities and Exchange Commission filed a criminal complaint against oil company PetroMobil Corporation for allegedly enticing the public to invest in gas stations and unregistered securities with high returns – transactions that the company is not allowed to undertake.
The SEC said PetroMobil offered a co-ownership program for a minimum capital of P400,000 and promised returns of as much as P100,000 in just three months. The company also told investors that they had a chance to co-own 17 gas stations.
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