A release from the outfit of the Securities and Exchange Commission (SEC) and sighted by Univers Business has reiterated the outfits mandate to promoting the interest of investors but not out to destroy anyone’s business.
“SEC is not out to destroy anyone’s business.it is only committed to its statutory mandate to protect the interest of investors,”
The statement further indicated that the Securities and Exchange Commission is aware of the numerous unauthorized financialinvestment schemes being offered on the market
“The SEC has taken note of various unlicensed financial investment schemes and products being offered publicly to the unsuspecting general public through various media forms including electronic, outdoor and mass media advertising.
The unique selling propositions of these schemes and products is the unreasonably high rates of return or interest per month or year promised to the investor public. Some of the guaranteed returns range from 6%, 10%, 20% 40% and even as high as 70% a month translating into, 72%, 120%, 240%, 240%, 480% and 840% respectively.”
The statement also cautioned the operators of these unlicensed financial investment schemes.
“operators of these unlicensed financial investment schemes are in serious breach of the various provisions of the Securities Industry Act, 2016 (Act929) and are warned to close down or risk being caught on the wrong side of the law.”
Find below full details of the release
Story by: Yohaness Awunyo Kofi Kuvor