SEC, EOCO investigates more investment entities

 The Reverend Daniel Ogbarmey Tetteh, Director General of the Securities and Exchange Commission (SEC), says investigations are being car­ried out on other investment en­tities aside the 17 unlicensed ones the public was cautioned about.

He said in due time, the names of the entities would be published after the probe.

Rev Tetteh said this in a You­tube Video providing answers to key questions pertaining to a recent press release issued by the SEC and Economic and Organ­ised Crime Office (EOCO) to warn the public about 17 unli­censed entities offering various investment products.

The video was also to explain a recently signed Memorandum of Understanding (MOU) between SEC and EOCO.

SEC and EOCO last Tuesday issued a joint statement warning the public to desist from doing any form of business with 17 invest­ment entities.

The statement comes after joint SEC and EOCO investigations into the activities of the enti­ties, largely operating via online channels, and found them to be “unlicensed.”

The entities are; Patron Pay Ghana/Petron Pay Ghana, Cedi Network Ghana, Bitcash Invest­ment, Solmax Group, Freedom Synergy, FxKash Investment, Binomo Investment, Hi Pay, Quick Earn and Lite Earn.

Others are; Snap Finance, Faucet Wealth Investment and Opay Investment, Payme Financial Services, Passive Income, Yvonne Hanson Deals, and Alpha Pay.

The statement advised the pub­lic to be vigilant and to desist from investing in all unlicensed invest­ment activities and products.

It assured capital market op­erators, investors, and the public that SEC in collaboration with all relevant law enforcement agen­cies would ensure the rigorous enforcement of the securities laws for operators in the market.

“This is to promote an orderly growth and development of an efficient, fair, and transparent se­curities market in which investors and the integrity of the market are protected,” it said.

Rev Tetteh said the joint state­ment sought to create awareness and protect investors.

He stressed that an informed investor was a well-protected investor, and advised the public not to engage in business with any unlicensed entity because there was no level of protection for such investors.

“No matter how attractive the products of those entities are, first asked if the scheme is licensed, if not, do not deal with them,” Rev Tetteh said.

He urged the public to report such entities to SEC, EOCO or any other law enforcement agency if they were in doubt about the genuineness of the schemes.

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