bloomshorts SEC Investigates 79 Ponzi Schemes
The Securities and Exchange Commission (SEC) has announced it is currently investigating 79 Ponzi schemes operating across the country. The Commission has pledged to disclose its findings to the public upon the conclusion of its investigations.
Notorious Schemes Under Scrutiny
Highlighted among the schemes under investigation is FF Tiffany, which has been widely reported for allegedly orchestrating a fraudulent investment scheme. This scheme has reportedly defrauded thousands of Nigerians, both within the country and in the diaspora, leading to significant financial losses.
SEC’s Stance on Fraudulent Schemes
The SEC has labeled these activities as a grave threat to investor confidence and the integrity of the financial system. It is collaborating with law enforcement agencies to ensure those involved face justice, with prosecutions to be carried out in line with the Investment and Securities Act.
Public Warning Against Ponzi Schemes
In light of these developments, the SEC has reiterated its warnings to the public against participating in unregistered investment schemes that promise guaranteed or exaggerated returns, emphasizing that such schemes offer no legal protection to investors.
