SEC Probes 79 Ponzi Schemes

The Securities and Exchange Commission (SEC) said it is currently investigating 79 Ponzi schemes operating across the country.

In a statement on Tuesday, the Commission said it will make its findings known to the public soon.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation”, the SEC stated.

Among those being investigated are the activities of  FF Tiffany, which the SEC said has been widely reported for allegedly running a fraudulent investment scheme that has defrauded thousands of Nigerians across the country and in the diaspora.

According to the SEC, preliminary information suggested that the scheme, which promised investors unusually high and unrealistic returns, has resulted in the loss of several billions of naira.

The SEC said it views this as a serious threat to investor confidence and the overall integrity of the financial system, and assured the public that it is working closely with law enforcement agencies and other relevant bodies, to bring everyone involved in the unlawful operation to justice.

“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions,” the statement added.

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In light of the development, the SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promise guaranteed or exaggerated returns.

“These schemes are not registered with the SEC and do not offer investor protection under the law,” the statement added.