SEC sues companies for 'unauthorized' investment scheme

MANILA, Philippines — The Securities and Exchange Commission filed a criminal complaint against four companies for soliciting investments.

In a statement on Monday, the regulator indicated that Astral Fuel Station Corp, Apollo Drugstore and Diagnostics Center, Inc., One Oasis Premier Holdings Corporation and Kalahari Leisure Farm Club, Inc. face criminal prosecution at the Department of Justice. 

The SEC’s Enforcement and Investor Protection Department already filed a criminal complaint against Astral Fuel and Apollo on June 2 for soliciting investments without a license. The regulator noted this was in violation of Republic Act No. 8799, or the Securities Regulation Code. 

As it is, the criminal complaints were filed after several public inquiries on March 2021 surrounding the legality of Astral Fuel and Apollo’s investment solicitation. The SEC noted they received complaint-affidavits that indicated that Astral Fuel and Apollo solicited investments in social media platforms such as Facebook, YouTube, and Google. 

The SEC posted an advisory on its website on Sept. 23, 2021, that warned the public against investing in Apollo.

“The Commission also noted that Apollo and Astral Fuel were mere conduits to solicit investments from the public, as a review of their registration documents submitted to the SEC revealed that the companies have interlocking directors and common incorporators, stockholders, and officers,” the statement read. 

All these companies had the same office address, the SEC said,

The regulator noted that despite Apollo and Astral Fuel’s registration with the SEC, the two companies did not have the license necessary to solicit investments and did not file to secure that document as well. — Ramon Royandoyan