The Security and Exchange Commission (SEC), has cautioned the public against trading with Finland-based entity, Wiseling Online Investment Company in the country.
The Wiseling investment company has promised its investors varying daily returns based on how much they invest and also claims to offer rewards to investors for any new member they refer to the company.
But speaking to the media, Deputy Director-General of the SEC, Paul Ababaio, said that the Finland-based company has not been licensed to carry out any capital marketing activities such as investing or trading for returns, as mandated by Section 3 of the securities industry 2016 ACT 929.
“The Security and Exchange Commission is mandated under the security section 3 act 2016 (Act 929), to regulate and promote the growth and development of an efficient, fair and transparent security market, in which investors and the integrity of the market are protected. As part of our mandate, we issued a public notice to warn the public about matters of interest coming to our attention. One of such matters that has arisen is the growth of wiseling Investment Company. From our views and our initial information provided, we decided to warn the public about this entity because it is not registered with the SCCE neither we seen a registered document of the company’s register in Ghana. We are of the view that the scheme operates as a proxy scheme and have therefore issued a warning to the public to be careful of approaching such an investment scheme to dedicate their funds to such entity,” he said.
Paul Ababio further indicated that his outfit has taken precautionary measures to eradicate the operation of these illegal companies in the country.
“After this warning, we have subsequently written to law enforcement agencies as well, bringing their attention to the existence of this entity and the risk they pose to the university public,” he added.
Story by: Tabitha Aidoo | universnewsroom.com