THE Securities and Exchange Commission (SEC) has warned the public anew on the investment activities of Leefire Philippines after receiving multiple reports on the firm’s continued operations.
“In this regard, the public is hereby warned and advised to exercise extreme caution when approached by individuals or group of persons claiming to represent that they can assist in claiming pending withdrawals or earned money in Leefire Philippines,” the commission said in an advisory.
“The public is further advised not to invest or stop investing their hard-earned money in Leefire and in any high-yield, high-risk investment scheme,” it added.
The regulator said that it received numerous reports regarding the activities and operations of individuals or group of persons from Leefire claiming to assist investors to refund their investments for a fee.
In April, the SEC issued an advisory warning the public about Leefire for enticing investors to put their money in the company, which has no prior license or registration.
In its investigation, it found that the unauthorized firm was not registered as a corporation or partnership and was thus not authorized to solicit investments.
Leefire was found to be engaging in an initial coin offering (ICO) with its native cryptocurrency and that it was seeking to fund its projects with money gathered from the public on the “promise of profits.”
Salesmen, brokers, dealers or agents involved with the unauthorized firm may be prosecuted and held criminally liable, with penalties including a maximum fine of P5 million or up to 21 years of imprisonment, according to its previous advisory. — Luisa Maria Jacinta C. Jocson