SEC & EOCO warn public over 17 unlicensed investment companies

Security and Exchange Commission and Economic and Organised Crime Office have released a list of 17 unlicensed entities operating in the investment sector.

The two state bodies cautioned the general public the underlisted entities are not licensed by the Securities and Exchange Commission hence they should not do business with them.

The joint press statement from the two bodies said “the General Public is hereby advised to be vigilant and to desist from investing in all unlicensed investment products.”

The statement said the list was compiled after an investigation was conducted by the two state bodies.

“In line with the above, the SEC and EOCO have embarked on joint investigations into the activities of some entities largely operating via online channels. In accordance with relevant provisions of Act 929 as amended and Act 804, the SEC and EOCO wish to inform the General Public that, the underlisted entities are not licensed by the Securities and Exchange Commission (SEC):

  1. PatronPay Ghana/PetronPay Ghana
  2. Cedi Network Ghana
  3. Bitcash Investment
  4. Solmax Group
  5. Freedom Synergy
  6. FxKash Investment
  7. Binomo Investment
  8. Hi Pay
  9. Quick Earn
  10. Lite Earn
  11. Snap Finance
  12. Faucet Wealth Investment
  13. Opay Investment
  14. Payme Financial Services
  15. Passive Income
  16. Yvonne Hanson Deals
  17. Alpha Pay

It added “Capital Market Operators, Investors, and the General Public should be assured that the SEC in collaboration with all relevant law enforcement agencies is committed to ensuring the rigorous enforcement of all the securities laws for operators in the Capital Market 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.”

By: Rainbowradioonline.com/Ghana

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