THE Securities and Alternate Fee (SEC) has warned the general public anew on the funding actions of Leefire Philippines after receiving a number of studies on the agency’s continued operations.
“On this regard, the general public is hereby warned and suggested to train excessive warning when approached by people or group of individuals claiming to symbolize that they’ll help in claiming pending withdrawals or earned cash in Leefire Philippines,” the fee stated in an advisory.
“The general public is additional suggested to not make investments or cease investing their hard-earned cash in Leefire and in any high-yield, high-risk funding scheme,” it added.
The regulator stated that it acquired quite a few studies concerning the actions and operations of people or group of individuals from Leefire claiming to help traders to refund their investments for a price.
In April, the SEC issued an advisory warning the general public about Leefire for engaging traders to place their cash within the firm, which has no prior license or registration.
In its investigation, it discovered that the unauthorized agency was not registered as a company or partnership and was thus not licensed to solicit investments.
Leefire was discovered to be partaking in an preliminary coin providing (ICO) with its native cryptocurrency and that it was searching for to fund its initiatives with cash gathered from the general public on the “promise of earnings.”
Salesmen, brokers, sellers or brokers concerned with the unauthorized agency could also be prosecuted and held criminally liable, with penalties together with a most wonderful of P5 million or as much as 21 years of imprisonment, in response to its earlier advisory. — Luisa Maria Jacinta C. Jocson
