SEC warns investors over activities of fraudsters

0
270
SEC NIGERIA LOGO

The Securities and Exchange Commission has raised the alarm over the activities of some online fraudsters, who are currently running an online investment scheme tagged ‘MMM Federal Republic of Nigeria. The fraudsters, according to SEC, carry out their illegitimate business via Nigeria.mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.

SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people invested funds. SEC on its website, said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net).

Also the commission warned investors concerning the activities of one Mrs Oge .C Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka Anambra State, who engages in capital market activities without registration within Anambra State and its environ.

According to the statements by SEC, Section 38(1) of the Investments and Securities Act, (ISA) 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the Commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration.

SEC emphasized that the general public are advised to distance themselves from this online scheme and illegal operator, stressing that anyone that subscribe to this illegal activity does so at his or her own risk.

- Advertisement -First Bank mobile money