Bilyonaryo - Business

NBI issues new subpoena! Lucky Manzano, BFF Ildefonso Medel not allowed to sell Flex Fuel stocks – SEC

February 16, 2023

Bilyonaryo.com

By Nancy Carvajal

Flex Fuel Petroleum Corp. violated securities rules when it solicited investments from the public without the necessary license, according to a document obtained by Bilyonaryo.com.

Flex Fuel is the company supposedly headed by actor and host Luis Manzano and his good friend Ildefonso Medel who are now facing estafa charges before the National Bureau of Investigation.

In a letter to one of the complainants, the Securities and Exchange Commission said while Flex Fuel is duly registered with the agency primarily to engage in the business of marketing and distributing petroleum-based products, “such registration only vests upon the subject company a juridical personality to operate as a corporation and does not authorize the company to sell or offer securities to the public or to conduct other activities which require secondary license from the Commission.”

The National Bureau of Investigation, which is now investigating the alleged estafa charges against Manzano and Medel, has denied the request of the actor for a 15 day extension to answer the charges and gather evidence.

More than 50 complainants, mostly overseas Filipino workers and retired employees, formally submitted their sworn affidavits and documents to the NBI to back up their claims against Flex Fuel.

However, the complainants maintained they were willing to drop the case if they would get their money back.

The SEC urged the complainants to file a civil action with the proper court as its “jurisdiction does not encompass recovery of investment nor enforcement of contractual agreement between contracting parties.”

“Considering that your concern is civil in nature, it can be resolved by filing civil action with the court of proper jurisdiction.

Hence, we advise you to seek the aid of a lawyer so that the facts and circumstances of your complaint may be reviewed and that you may be advised of the remedies available against [First Fuel],” the SEC said.

Related News Tags: Flex Fuel Petroleum Corp, Ildefonso Medel, Luis Manzano, National Bureau of Investigation, Securities and Exchange Commission

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