SEC Requests Investors to Call Attention to Illegal Fund Managers.

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The Securities and Exchange Commission (SEC) has invited members of the public to report any fund manager who is operating without the Commission’s registration in order to ensure that only registered businesses are permitted to operate in the capital market.

In an interview in Abuja, Chief Economist of the SEC Dr. Okey Umeano said that there must be an all-out effort made to combat unlawful fund managers.

Umeano stated that in order to ensure that Ponzi schemes, unlawful fund managers, and other unwholesome market activities no longer exist, the revised Investments and Securities Bill has modified some of the rules related to these topics.

The measure, among other things, imposes jail time and forbids the operation of Ponzi/pyramid schemes and other criminal investment schemes.  Dr. Umeano said he has gone through the marketing literature of some of these Ponzi scheme operators where they promise investors 10per cent, 20per cent in a month, which he stated is unreasonable urging investors not to patronize them.

TDL.

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