SEC shuts unregistered investment firm over alleged fraudulent operations

The Securities and Exchange Commission (SEC) has shut down the operations of Ready Finance Investors Limited over alleged fraudulent operations.

The Commission also vowed to sanitise the capital market by crushing all criminal activities by companies and their agents in order to create a veritable opportunity for legitimate businesses to thrive in the system.

SEC, in a statement, said the latest culprit, Ready Finance, was sealed on Tuesday for engaging in illegal investment and other unsavoury capital market activities.

“Ready Finance office situated at Flat 5, AYA Memorial Plaza, Nkwere Street, Area 11, garki, Abuja was sealed up and shut down for offering a range of financial investment services and schemes suggestive of a covert Ponzi scheme”.

“The scheme entices clients with promises of fixed returns on investment, contingent upon the specific package to which a client subscribes, the Commission said. It added that Ready Finance Investors Limited was not registered with the Commission to conduct any activities in the capital market, rendering its operations and activities therein illegal”.

“The matter is currently under the purview of law enforcement agencies for criminal investigation and subsequent prosecution”, SEC added.