SEC cautions against investing in Wiseling Online Investment Company
The Securities and Exchange Commission (SEC) has cautioned the public to desist from any transaction with Wiseling Online Investment Company because the trading firm is unlicensed.
In a notice issued on Tuesday, February 23, SEC indicated that “Wiseling Online Investment Company, a Finnish-based company operating in Ghana has not been licensed by the Securities and Exchange Commission (SEC) to carry out any capital market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929)”.
“Wiseling Online Investment Company is therefore not regulated by the SEC,” the regulatory agency stated.
SEC advised investors to avoid unlicensed products due to the risk of losing their investments.
The regulator entreated the public to call its toll-free line number 0800100065 or mainline number 0302768970-2 to confirm any firm’s licensing status offering products or services relating to investments in the capital market.
Thousands of customers have lost their investments with companies that operate on a similar model in recent years, placing pressure on the government to offer bailouts.
The most recent company flagged to be unlicensed CHY Mall, which claimed to be an e-commerce entity.
How does Wiseling operate?
The firm promises juicy packages with huge returns on online investments to clients.
Among the packages include a minimum investment of $50 with a minimum withdrawal of $2 daily.
The firm claims to invest in Bitcoin, Etherium, forex, stocks, commodities and futures.
According to adverts circulated by the firm, daily profits range from 0.8 per cent to 1.30 per cent.
About Wiseling Online Investment Company
On its social media pages, Wiseling Online Investment Company said it was founded in 2016.
In 2018, they engaged in private trading and accepted private investments from foreign companies with licenses from various regulators.
They claim to have received all necessary documents, certificates, and licenses that allow trading of a reserve fund on the stock exchange and internationally providing financial services.
The online platform was launched on June 1.
In November 2020, Wiseling said its investors have soared to 25 000 spread across 60 countries worldwide.