SEC Facebook

This ADVISORY is prompted by reports and information gathered by the
Commission that individuals or group of persons representing
TUNEGAGA/TuneGaga
is enticing the public, through social medi
a platform or through their own independent
websites to invest in said entity.
According to the creator of the said mobile application,
TUNEGAGA/TuneGaga
is a gr
eat way for music fans to earn extra income listening to
music. Users can sign up as fans to listen to the music of their own choice.
TUNEGAGA /TuneGaga
pays its users every week through various payment methods
allegedly supported in over 180 countries.
A
s posted on
its w
ebsite, invest
ors can join
by registering first, then
they
can choose
from any of the
following
nine (9)
Subscription Plans
with corresponding task
s
b
y simply
listening to music:
(1) Learner Plan worth Php1,967.95;
(2) Standard Pl
an worth Php4,793.72;
(3)
Premium Plan wo
rth Php11,101.25;
(4)
Premi
um Plus Plan worth Php22,707.10;
(5)
Acc
elrator Plan worth Php30,276.14;
(6)
U
ltimate Plan worth Php42,891.19;
(7)
B
usiness Plan worth Php60,552.27;
(8)
Professiona
l Plan worth Php90,828.41
;
and
(9)
Platinum Plan worth Php121,104.54
.
I
nvestor
s
can earn from
Php2,055.25 up to Php151,381.35
monthly depending on
the
subscription plan
they availed of
.
I
nvestor
s
can also earn from referral bonus up to
$120
or
5%
of the subscription amount/plan.
Briefly, an “
investment contract”
exists when there is an investment or placement
of money in a common enterprise with a reasonable expectation of profits to be derived
from the efforts of others
which is prominent in the
scheme of
TUNEGAGA/TuneGaga.
As such, the Securities Regulation Code (SRC) requires that said offer and sale of
securities must be duly registered with the Commission and that the concerned entity
and/or its agents should have the appropriate registration
and/or license to sell such
securities to the public.
Based on the Commission’s database,
TUNEGAGA /TuneGaga,
is
NOT
REGISTERED
as a corporation or partnership
and
OPERATES WITHOUT THE
NECESSARY
LICENSE
AND/OR
AUTHORITY
to
solicit,
accept
or
take
investm
ents/placements from the public nor to issue investment contracts and other
forms of securities defined under Section 3 of the Securities Regulation Code (SRC)
.
Further, the scheme employed by
TUNEGAGA/TuneGaga
,
shows indication of a
possible
“Ponzi Schem
e”
where
monies from new investors are used in paying “fake
profits” to prior investors
and is designed mainly to favor its top recruiters and prior
risk takers and is detrimental to subsequent members in case of scarcity of new
investors.
The offering
and selling of securities in the form of investment contracts using the
“Ponzi Scheme”
which is fraudulent and unsustainable, is
NOT
a registrable security. The
Commission will not issue a License to Sell Securities to the Public to persons or entities tha
t are
engaged in this business or scheme.
In view thereof, the public is hereby advised
NOT TO INVEST
or
to
STOP
INVESTING
in the investment scheme being offered by
TUNEGAGA /TuneGaga
,
and its
representatives.
Those
who
act
as
salesmen,
brokers,
dealers
o
r
agents
of
TUNEGAGA/TuneGaga
,
in selling or convincing people to invest in the investment
scheme being offered by the said entity including soliciting investments or recruiting
investors through the internet may be held criminally liable under Section 28
of the SRC
and penalized with a
maximum fine of Five Million Pesos (Php5,000,000.00) or
imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC
(
SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014
).
Furthermore, the names of all t
hose involved will be reported to the Bureau of
Internal Revenue (BIR) so that the appropriate penalties and/or taxes be
correspondingly assessed.
Should
you
have
any
information
regarding
the
operation
of
TUNEGAGA /TuneGaga
,
and its representatives,
plea
se send your report through email
at epd@sec.gov.ph
For the information and guidance of the public.
Pasay City, 04 January 2022