MANILA, Philippines — The Securities and Exchange Commission (SEC) has revoked the incorporation of Dual Fuel Petroleum Corp., citing its illegal solicitation of investments using the ‘Ponzi’ scheme. In an order dated Feb. 17, the SEC’s Enforcement and Investor Protection Department (EIPD) cancelled the company’s corporate registration for breaching provisions of the Revised Corporation Code and the Securities Regulation Code. Regulators said Dual Fuel had engaged in activities beyond its corporate powers and offered securities without securing regulatory approvals. READ: SEC flags more entities selling illegal securities Section 44 of the Revised Corporation Code prohibits “ultra vires” acts or corporate actions […]... Keep on reading: Gas station operator Dual Fuel caught running 'Ponzi' scheme