The Securities and Exchange Commission (SEC) and the Economic and Organised Crime Office (EOCO) have cited 17 investment companies for operating without a licence.
In a joint statement, the two institutions urged the public to “be vigilant and to desist from investing in all unlicensed investment products.”
The SEC is the foremost regulatory body that promotes orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
Similarly, the Economic and Organised Crime Office (EOCO) was established by the Economic and Organised Crime Office Act, 2010 (Act 804) as a specialised agency to monitor and investigate economic and organised crime.
Section 2(a) of the Economic and Organised Crime Act 2010 (Act 804) gives the Economic and Organised Crime Office the mandate of preventing and detecting Organised Crime.
As part of this mandate, the SEC and EOCO embarked on joint investigations into the activities of some entities, which they said are “largely operating via online channels.”
The 17 companies listed below have been flagged for various offences, and the public has been cautioned to cease transactions with them.
Below is the statement to that effect:
