May 22, 2024

The Securities and Exchange Commission has gathered information that individuals or a group of persons claiming to represent Lele Gold Farm/Lele Gold Coin/Gold Farm are enticing the public, through social media, to invest in the entity. 

Lele Gold Farm/Lele Gold Coin/Gold Farm is a mobile application that can be downloaded in Google Playstore and offers the luxury of earning while playing the game. 

As posted on the mobile application, one can invest by registering then choosing from any of the six types of investment plan (farm land) worth P3,840, P15,360, P36,480, P52,800, P100,800, and P288,000, respectively. The investor can earn P539 up to P11,520 weekly or P2,310 up to P345,600 monthly. 

SEC said 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 Farm/Lele Gold Coin/Gold Farm. 

As such, the Securities Regulation Code (SRC) requires that said offer and/or sale of securities must be duly registered with the commission and 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 SEC’s database, Lele Gold Farm/Lele Gold Coin/Gold Farm is not registered as a corporation or partnership and it is operating 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 SRC. 

Further, the scheme employed by Lele Gold Farm/Lele Gold Coin/Gold Farm 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. 

The public is further advised not to invest or to stop investing in the investment scheme offered by Lele Gold Farm/Lele Gold Coin/Gold Farm, and its representatives.  

Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, uplines, influencers, endorsers, abetters, and enablers of Lele Gold Farm/Lele Gold Coin/Gold Farm, in soliciting or convincing people to invest in the investment scheme being offered by the 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 P5 million or imprisonment of 21 years or both pursuant to Section 73 of the SRC.

The names of all those involved will be reported to the Bureau of Internal Revenue so that the appropriate penalties and/or taxes will be correspondingly assessed. 

Those who have any information regarding the operation of Lele Gold Farm/Lele Gold Coin/Gold Farm may send their report through email at [email protected]. – Press release