The Securities and Exchange Commission is alerting the public against an illegal investment scheme being offered by Lebronify/Authority Circle.
In its latest advisory, the SEC warned the public against dealing with Lebronify/Authority Circle due to its unauthorized solicitation of investments without the necessary license from the commission.
Promoted by a certain Neil Reichl, the entity claims to be a freelancing consultancy that makes “million dollar Filipino freelancers.
According to the SEC, Lebronify entices the public to invest by promising a minimum of 100 percent return on profit for P500,000, P750,000, or P2 million investment, with the first two options having a lock-in period of 12 months.
“This entity’s investment schemes or actions resemble a pyramid/Ponzi scheme, where investors earn through recruitment fees instead of the sale of actual products/services, and investors are paid using the contribution of new members,” the SEC said.
The SEC continues in its efforts to stamp out illegal investment-taking activities through financial literacy campaigns and advisories to the public.
