SEC warns public vs fake Aboitiz entity

MANILA, Philippines — The Securities and Exchange Commission (SEC) has warned against a fake Aboitiz entity that is seeking investments from the public with a promise of high monetary rewards.

The commission issued an advisory following reports that certain individuals or group of persons are using the name of listed conglomerate Aboitiz Equity Ventures Inc. (AEV) in a tasking and recharging scheme to scam and defraud potential victims through its online platform.

Based on verification conducted, the commission said the entity is not in any way related to or connected with AEV.

“The dummy Aboitiz Equity Ventures Inc. offers to the public purported online jobs through their e-commerce platform by accomplishing certain tasks with a promise of receiving monetary rewards or what they call commissions and once the task is completed, the member will be given another task to perform for the same promise of receiving higher commissions where additional funding or recharging from the victim is necessary to withdraw their earnings,” the SEC said.

The corporate regulator has advised the public to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of the said entity.

“The public is further advised not to invest or to stop investing in the investment scheme being offered by the subject entity or its representative,” it said.

The Aboitiz Group had earlier issued a notice to the public against the subject entity, saying that AEV is not affiliated with any e-commerce platform and stressed that it will never ask for money.

Screenshots of altered corporate documents using the AEV corporate name are being used to give the false impression that the person making contact is authorized to act on behalf of an Aboitiz company.