Last Holy Tuesday, April 12, the Securities and Exchange Commission (SEC) issued an advisory against sports betting investment scam LFC Football/LFC Football Philippines/LFC Football Platform. The Commission also warned about transacting with individuals or groups representing the platform. The SEC emphasized that LFC Football does not have the license and authority from the Commission to solicit investments from the public.
“Per records of the Commission, LFC FOOTBALL is not registered as a corporation or partnership and is not authorized to solicit investments from the public as it did not secure prior registration and/or license to solicit investments from the Commission as prescribed under Section 8.1 of the SRC.” – SEC
According to the SEC, LFC Football is propagating investment-taking activities which promise “lucrative returns.” As per its website, LFC Football is a reverse betting platform where you can earn money with 100% compensation of loss and up to 5.1% of profit everyday. Moreover, it is enticing the public to invest a minimum of Php300 to earn 5% interest rate daily profit or 150% profit in 30 days.
SEC noted that to use the platform, an investor must register first. Upon registering and depositing/recharging money to your dashboard account, LFC Football will recommend through its “mentors,” that you place bets or “buy/order scores” of international football or in accordance with its “team guaranteed capital preservation plan” where a wrong bet nets you profits with no loss or zero risk.
Additionally, LFC Football offers various ways to earn to further entice the investing public such as the “first deposit bonus” where new users who deposits may get a one time 5% profit.
Investors could also bet twice a day and referrals would fetch them money. LFC Football also offers discounted profit in 6 different levels. Accumulated membership is also an option for getting extra profit from the platform, even being an active member is priced on a monthly bonus.
The SEC stated that the schemes of LFC Football involve the offering and sale of securities in the form of investment contracts to the public as investors need not exert any effort other than to invest or place monies in LFC Football in order to generate income.
“As we always keep on reminding the public, such investment opportunities are in the nature of investment contracts, which in turn are considered as securities subject to the regulatory authority of this Commission, thus, the concerned corporation and/or its agents should have appropriate registration and/or license to sell such securities to the public pursuant to Section 8.1 and 28.1 of the Securities Regulation Code (SRC),” the SEC stressed.
The Commission also noted that LFC Football is also not registered either as a crowdfunding intermediary or a funding portal under SEC Memorandum Circular No. 14, Series of 2019 or the Rules and Regulations Governing Crowdfunding.
“Accordingly, the Commission warns all unscrupulous individuals and/or entities that strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code of the Philippines and such other rules and regulations enforced by the Commission,” the SEC warned.
This article is published on BitPinas: SEC Warns Public Against Sports Betting Scam LFC Football
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