BY MARY KUYE
The Securities and Exchange Commission (SEC) has vowed to go after operators of Ponzi scheme, arrest them, closedown their fund and prosecute them.
Mrs Efe Ebelo, the Head, Corporate Communications of SEC disclosed this on Sunday in Abuja.
According to her, Ms Mary Uduk, the Acting Director-General of the commission, gave the assurance of the intending raid on Ponzi scheme operators in the country.
The enforcement department of the commission, Uduk stated was also working toward prosecuting promoters of the scheme.
”The commission is continuing its awareness through various media to educate investors about these schemes while we warn the public to stop putting their monies into them.
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“Ponzi scheme is an ill wind that blows no one any good. “The commission has reiterated its resolve to ensure that illegal fund managers in the country are not allowed to operate.
”We remain committed to its mandate of protecting investors, assured the public that it would perform the function in line with extant securities legislation.
“We advise prospective investors to cross-check properly before patronising any fund manager.”
