The Securities and Trade Fee (SEC) has revealed plans to start investigation into the actions of an entity working beneath FF Tiffany, allegedly working a fraudulent funding scheme that has defrauded residents.
An announcement by SEC on Tuesday in Abuja stated preliminary info revealed that the scheme, which promised traders unusually excessive and unrealistic returns, had resulted within the lack of a number of billions of naira.
The SEC stated it considered the exercise as a menace to investor confidence and the general integrity of the monetary system.
The fee assured the general public that it was working carefully with legislation enforcement businesses and different related our bodies to deliver everybody concerned within the illegal operation to justice.
In keeping with SEC, these discovered culpable will likely be prosecuted in accordance with Funding and Securities Act (ISA) and regulatory provisions.
SEC reiterated its earlier warnings to most of the people to desist from partaking in Ponzi or unregistered funding schemes that promised assured or exaggerated returns.
”These schemes aren’t registered with the SEC and don’t supply investor safety beneath the legislation.
“The fee is at the moment investigating 79 schemes and can make an announcement on its findings on the conclusion of the investigation,” the SEC stated.
The fee inspired traders to conduct due diligence and confirm the registration standing of any funding agency or product by visiting the SEC web site or contacting the fee straight by way of official channels.
SEC stated it remained dedicated to its mandate of defending traders, making certain truthful practices, and sustaining confidence in Nigeria’s capital market. (NAN)
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