The Securities and Exchange Commission says it is not out there to destroy anyone’s business but only committed to its statutory mandate.
“SEC is not out to destroy anyone’s business.it is only committed to its statutory mandate to protect the interest of investors,” a statement from SEC avers.
According to SEC, it 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 statement said, “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 percent, 10 percent, 20 percent, 40 percent and even as high as 70 percent a month translating into, 72 percent, 120 percent, 240 percent, 240 percent, 480 percent and 840 percent respectively.
It has come to our notice that some of these high rates of promises interest are surprisingly dollar denominated.”
Meanwhile, the Securities and Exchange Commission is warning that “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.”