The Securities and Exchange Commission has advised the public not to invest in Leefire, which is also operating under the name Sengre, for illegally soliciting investments from the public.
Investors who sign up through a personal mobile number or email address will entitle investors to get a cash bonus of P150 which be used to buy corresponding level of goods.
By accomplishing a higher level of task, users may earn more commission and rewards. If the user is able to invite another friend, the user will get an additional earning of P150 per friend.
Investors also earn by completing “click farm task”. For every level, the investor should complete 18 orders per day to maximize earnings for each day. Earnings accumulate to 33 percent to up to 60 percent click farm task only.
According to the SEC, Sengre’s scheme involves the sale of securities to the public which require prior registration and or license to sell such securities to the public.
Records show that Sengre is not registered with the SEC either as a corporation or as a partnership. It is also not authorized to solicit investments from the public.
The SEC also warned those involved in Sengre or Leefire’s oerations that they could face penalties for violating the Securities Regulation Code which include a maximum fine of P5 million or 21 21 years of imprisonment or both.