The Securities and Exchange Commission has issued a cease and desist order against entities using the name of Ayala Corporation to illegally solicit investments from the public.
In a recent order, the Commission En Banc directed Ayala Corporation Group, Inc.; Ayala Corporation Budgetarian Online Shop; Global Online Ayala Corporation; Bellavita Ayala Corporation; and Ayala Corporation E Commerce to immediately cease and desist from further engaging in the unlawful solicitation, offer, and/or sale of securities in the form of investment contracts without the necessary license from the SEC.
The SEC further prohibited the group from transacting any business involving funds in its depository banks, and from transferring, disposing, or conveying any related assets to ensure the preservation of the assets of its investors.
The SEC issued the order after the Enforcement and Investor Protection Department (EIPD) found the bogus Ayala group has been conducting an unregistered investment scheme called Tasking and Recharging, which offers online jobs to prospective investors who are tasked to perform certain tasks in exchange for commissions.
The bogus Ayala group’s scheme involved the sale and/or offer of securities in the form of investment contracts, whereby a person makes an investment of money, in a common enterprise, with the expectation of profits, to be derived solely from the efforts of others, the Commission held.
Section 8 of Republic Act 8799, or The Securities Regulation Code, provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC.
The bogus Ayala group was also found to be showing copies of fake incorporation documents with the SEC and registration papers with the Department of Trade and Industry.
The SEC issued an advisory on Oct. 10, 2023 warning the public against investing in the bogus Ayala group.
Ayala Corporation has also expressly disclaimed and denied any involvement in the investment solicitation activities of the group. – Press release
