SEC Advises Public Not to Invest in Lele Gold Farm Game
The Securities and Exchange Commission (SEC) has advised the public not to invest in the Lele Gold Farm game.
The SEC had issued an advisory on Lele Gold Farm. According to the Commission’s recommendation, Lele Gold Farm is a mobile app that can be downloaded from the Google Play Store.
Based on the said app, Lele Gold Farm “offers you the luxury of earning while playing the games”. According to SEC, an “investment contract” exists when money or investment is placed in a common company with a reasonable expectation of gains to be obtained from the efforts of others.
According to the SEC’s database, Lele Gold Farm (or Lele Gold Coin or Gold Farm) is not registered as a corporation or partnership. According to the report, the aforementioned game operates without the required license and/or permission to solicit, accept, or take public investments or placements.
They are not also allowed to issue “investment contracts” and other kinds of securities as described in Section 3 of the Securities Regulation Code (SRC). SEC added, the scheme adopted by Lele Gold Farm shows the features of a “Ponzi Scheme”.
In their article, the Commission then encouraged the general public not to invest in or discontinue participating in the investment program offered by Lele Gold Farm and its representatives.
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there is a new lelegold called cfg thats where the players migrate after you guys shut down the lelegold
lele gold farm,help poor people to earning money, small or big.it depend the user to invest or not.lele gold farm pls get all requirment sec needs,help your subordinate…we wait!