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SEC pursues legal action against 4 unauthorized investment firms

The Securities and Exchange Commission (SEC) has referred Astral Fuel Station Corporation, Apollo Drugstore and Diagnostics Center, Inc., One Oasis Premier Holdings Corporation, and Kalahari Leisure Farm Club, Inc. to the Department of Justice for potential criminal prosecution due to their unauthorized investment solicitation activities.

The SEC Enforcement and Investor Protection Department (EIPD) has filed a criminal complaint against Astral Fuel and Apollo for unlawfully soliciting investments from the public without the necessary license, which is a violation of the Securities Regulation Code (SRC).

Ramon Julius Grajo, the President and Chairman of Astral Fuel and Apollo, along with other beneficial owners, directors, and officials of the companies, including Renato P. Grajo, Roberto P. Grajo, and Ma. Michaela Arceo, have also been implicated in the complaint.

The investigation began in March 2021 when the SEC received inquiries from the public regarding the legality of Astral Fuel and Apollo’s investment solicitation activities. In response to these concerns, the SEC-EIPD warned the public against investing in Apollo.

Subsequently, the SEC received multiple complaint-affidavits from individuals stating that Astral Fuel and Apollo engaged in investment solicitation activities through various social media platforms such as Facebook, YouTube, and Google.

While both Apollo and Astral Fuel are registered with the SEC, neither possess the necessary license to solicit investments nor have they filed for such authorization.

The SEC further observed that Apollo and Astral Fuel functioned as conduits for soliciting investments from the public. An examination of their registration documents revealed interlocking directors, common incorporators, stockholders, and officers. Moreover, both companies share the same office address, and Ramon Julius Grajo serves as the president, incorporator, and director of Apollo, while One Oasis owns 99.99% of Apollo’s total authorized capital stock.

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