Lele Gold Farm Legality

Lele Gold Farm offers a luxurious way to earn money by playing games. A mobile application that can be…

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Lele Gold Farm offers a luxurious way to earn money by playing games. A mobile application that can be downloaded from the Google Play Store , however, the U.S. Securities and Exchange Commission (SEC) has warned the public about the illegal activity of the above-mentioned mobile application.

LELE GOLD FARM INVESTMENT SCAM

LELE GOLD FARM

According to the SEC, Lele Gold Farm, or Lele Gold Coin, is offering the public an “investment contract,” a security that exists to invest or place funds in ordinary businesses with a reasonable expectation of profit from them.

However, the SEC has stated that the Mobile Application is not registered as a corporation or partnership and is operating without the requisite licenses and/or authorizations to solicit, accept or accept investments/placements from the public, nor will it The issuance of investment contracts and other forms of securities is defined under Section 3 of the Securities Regulations (SRC).

Additionally, the SEC revealed that the scheme employed by its gaming platform featured a “Ponzi scheme” in which new investor funds were used to pay “false profits” to previous investors, primarily to benefit its top recruiters and previous risk-takers, and to the detriment of subsequent members when new investors are scarce.

CHOOSE INVESTMENTS CAREFULLY

The SEC has advised the public not to invest or to stop investing in the LELE gaming platform, and the investment plan offered by its representatives. Those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, uplines, influencers, spokespersons, abettors and enablers of Lelejinnong in the process of soliciting or persuading people to invest in the project middle.

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).

Additionally, the SEC stated that the names of all persons involved will be reported to the Bureau of Internal Revenue (BIR) so that appropriate fines and/or taxes can be assessed accordingly. The public is encouraged to report any information regarding the game and its operations on behalf of it by email to [email protected]

The SEC warns the public to be wary of investment scams and to always check the legitimacy of any investment opportunity before investing.

This article is published on BitPinas: Beware of Investment Scam: Lele Gold Farm Unregistered and Operating Illegally.

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