By Obas Esiedesa, Abuja
The Securities and Exchange Commission (SEC) on Tuesday announced that it is investigating 79 suspected ponzi schemes, including one operating under the name FF Tiffany.
The Commission in a statement revealed that FF Tiffany has been widely reported for allegedly running a fraudulent investment operation that has defrauded thousands of Nigerians both at home and abroad.
SEC added that preliminary findings indicate that the scheme promised investors unusually high and unrealistic returns, resulting in the loss of several billions of naira.
Describing the development as a serious threat to investor confidence and the integrity of the financial system, the Commission assured the public that it is working closely with law enforcement agencies and other relevant authorities to ensure that all individuals involved in the illegal operation are brought to justice.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions”, the Commission said.
The statement added: “The Commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation”.
The Commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the Commission directly through official channels.
It said it remains committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
The Commission had in a bid to prevent more Nigerians from falling victims to Ponzi schemes, conducted various sensitization campaigns across the country.
The Director General, Dr. Emomotimi Agama, had led the SEC team that distributed informational flyers and engaged traders on the risks associated with investing in unregulated schemes.
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