SEC Investigating 79 Ponzi Schemes Nationwide

The Securities and Exchange Commission (SEC) has revealed that it is currently investigating 79 suspected Ponzi schemes operating across Nigeria.

This was disclosed in a statement issued by the Commission on Tuesday, in which it assured the public that the findings of the investigations would be made known upon conclusion.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.

Among those under scrutiny is FF Tiffany, which has been widely reported for allegedly orchestrating a fraudulent investment operation that has defrauded thousands of Nigerians both at home and abroad.

Preliminary findings by the SEC indicate that the scheme promised investors outrageously high and unrealistic returns, leading to losses amounting to several billions of naira.

The Commission described the situation as a major threat to investor confidence and the integrity of Nigeria’s financial system. It also disclosed that it is collaborating with law enforcement and other relevant agencies to ensure that all parties involved in the fraudulent operation are held accountable.

“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions,” the statement added.

In response to the growing trend of unregulated investment platforms, the SEC repeated its warning to the public to steer clear of Ponzi schemes or any unregistered investment outfits offering guaranteed or exaggerated profits.

“These schemes are not registered with the SEC and do not offer investor protection under the law,” the Commission stated.