In an effort to stop the operations of Ponzi schemes, the Securities and Exchange Commission (SEC) has reassured the investing public that it will continue to use its enforcement tools, including cooperation with other pertinent government agencies and stakeholders.
Mr. Dayo Obisan, executive commissioner for operations at the Securities and Exchange Commission, gave this assurance to employees of the Federal Road Safety Corps.
He claimed that these promoters of these dishonest schemes, who are represented by the director of the market development department, Mr. Nestor Ikeagu, pose as participants in the capital market in order to defraud investors of their money by making alluring promises of returns on investments.
The Commission has faced a significant challenge as a result of these Ponzi scheme promoters’ actions.
The FRSC is urged to partner in the fight against Ponzi schemes by reporting to the SEC anytime such activities are noticed.”