The Securities and Exchange Commission (SEC) has warned the investing public to desist from dealing with Wiseling Online Investment Company, which has not been licensed to undertake capital market activity. According to SEC, “The General Public is hereby put on notice that WISELING ONLINE INVESTMENT COMPANY, a Finnish-based company operating in Ghana has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929)”.
SEC further advised investors against patronizing unlicensed investment products or dealing with unregulated companies. The release noted that “WISELING ONLINE INVESTMENT COMPANY is therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed products. The General and investing Public is further advised to consult the SEC through its toll-free line number 0800100065 or main line number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market”.
SEC has also assured market players that it would continue to execute its mandate to regulate capital markets to protect all players in the market.
“The SEC wishes to reassure all Market Operators, Investors, and the General Public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected”.
This public interest warning is very important, especially given that Many Ghanaians have fallen victims to get-rich-quick schemes that are similar to Ponzi and pyramid schemes in recent years. SEC would need to continue to monitor the market to protect the investing public from such schemes going forward.