MANILA - The Securities and Exchange Commission (SEC) has taken action against multiple entities falsely representing themselves as affiliated with Ayala Corporation. 

The SEC issued a cease and desist order on Ayala Corporation Group, Inc., Ayala Corporation Budgetarian Online Shop, Global Online Ayala Corporation, Bellavita Ayala Corporation, and Ayala Corporation E-Commerce. 

The SEC said these entities have illegally been soliciting, offering, and selling securities in the form of investment contracts without the requisite license from the SEC.

Ayala Corp warns vs fake company websites offering jobs in exchange for fees

The Commission barred the group from conducting any financial transactions using funds in their bank accounts and from transferring or disposing of any assets to safeguard the interests of investors.

The order encompasses all individuals associated with the fraudulent Ayala group, including officers, operators, promoters, representatives, and agents, among others, as identified by the SEC.

The action follows an investigation by the SEC Enforcement and Investor Protection Department (EIPD), which uncovered the group's operation of an unregistered investment scheme known as Tasking and Recharging. 

This scheme recruits investors for online jobs, requiring them to complete tasks in exchange for commissions, and encourages them to purchase consumer products to boost store rankings and earn additional commissions.

“The Bogus AC Group also used spurious DTI Certifications and SEC Registration Certificates to provide its unauthorized investment-taking activities a semblance of legitimacy. The foregoing shows a clear intent on the part of the Bogus AC Group to defraud the public which, if unrestrained, will likely prejudice them,” the SEC said. 

In October last year, the SEC issued a warning against investing in the fraudulent Ayala group. Ayala Corporation also distanced itself from the group's activities, emphasizing that its stocks are only available through licensed stockbrokers accredited by the Philippine Stock Exchange.

Investors are urged to exercise caution and verify the legitimacy of investment opportunities before parting with their money to avoid falling victim to fraudulent schemes.