Date Posted: 8 September 2017
The Commission has received information that individuals or group of persons allegedly connected with Lets Philippines Humanitarian Foundation (Lets Philippines for brevity) are enticing the public to invest in said entity. The public is hereby informed that Lets Philippines is not registered with the Commission as a corporation or partnership and is not authorized to solicit investments from the public, not having secured prior registration and/or license to solicit investment as prescribed under Section 8 of the Securities Regulation Code. Neither has it been granted authority by the Commission to engage in lending business pursuant to Lending Company Regulation Act (R.A. No. 9474).
Lets Philippines claims partnership with World Global Network (WGN for brevity), a US based company engaged in media, mobile and wearable technologies. Lets Philippines is likewise claiming that they have a pending application for registration with the Commission, as such, giving promises to its members privilege to apply for a loan amounting to Thirty Thousand pesos (P 30,000.00) with no collateral and no interest fee or to become a so-called humanitarian member of the company, wherein each humanitarian member will be given a 30% share in the profits of WGN without giving any amount of investment. In both cases, the requirements are payment of One Hundred Fifty pesos (PI 50.00) and presentation of two valid government identification cards.
Lets Philippines introduced its latest scheme and newly established Lets Philippines Foundation, where the public are enticed to invest an amount of Five Hundred pesos (P500.00) with a promise of twenty pesos daily profit to be collected every Ninety (90) days. However, the members may opt not to collect said profits and instead apply for a loan amounting to Fifty Thousand pesos (P50,000.00) without interest at the end of 120 days.
Those who act as salesmen, brokers, dealers or agents of Lets Philippines in selling or convincing people to invest in the investment scheme being offered by Lets Philippines including solicitations or recruitment through the internet may likewise be prosecuted and held criminally liable under Section 28 of the Securities Regulation Code and penalized with a maximum penalty of Twenty One (21) years imprisonment or both pursuant to Section 73 of the SRC.
Accordingly, those who invite or recruit other people to join or invest in this venture or offer investment contracts or securities to the public may be held criminally liable or accordingly sanctioned or penalized in accordance with the Supreme Court decision in the case of SEC vs. Oudine Santos (G.R. No. 195542, March 19, 2014).
In view thereof, the public is hereby advised to stop investing in this kind of investment activity and to take the necessary precautions in dealing with the above-named entity and/or its representatives.
Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department at telephone numbers 818-6047.
For the guidance of the public.