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Based on reports and information gathered by the Commission, individuals or group of persons claiming to represent LELE GOLD FARM, are enticing the public, through social media to invest in said entity. LELE GOLD FARM, is a mobile application that can be downloaded in GOOGLE PLAYSTORE. Based on the said mobile application, it offers you the luxury of earning while playing the games. As posted on the said mobile application, you can invest by registering first , then you can choose from any of the six (6) types of investment plan(farm land) worth Php3,840.00, Php15,360.00,Php36,480.00, Php52,800.00, Php100,800.00, and Php288,000.00 respectively. The investor can earn Php539.00 up to Php11,520 weekly earnings or Php2,310.00 up to Php345,600.00 monthly income.
n this regard, the public is made aware that an “investment contract,” which is a kind of security, 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 LELE GOLD
As such, the Securities Regulation Code (SRC) requires that said offer and/or 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, LELE GOLD is NOT REGISTERED as a corporation or partnership and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to solicit, accept or take investments/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 LELE GOLD has the characteristics of a “Ponzi Scheme” where money 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 that 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 LELE GOLD and its representatives.