The Reverend Daniel OgbarmeyTetteh, 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 investigations.
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 on Tuesday issued a joint press release 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 said, “The General Public is hereby advised to be vigilant and to desist from investing in all unlicensed investment 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 all 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 they issued the joint statement on the unlicensed entities to create awareness and protect investors.
Hesaid 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 Tettehsaid.
He advised the public to report such entities to SEC, EOCO or any other law enforcement agency and if they were in doubt about the genuineness of the schemes.