SEC intensifies fight against Ponzi, to prosecute operators defying orders

The Securities and Exchange Commission (SEC) has vowed to take decisive action against illegal fund operators and prosecute those who refuses to stop their fraudulent activities.

Ms Frana Chukwuogor, the Executive Commissioner Legal and Enforcement, Securities and Exchange Commission, said this at a campaign against Ponzi scheme at Dei-Dei Building Materials Market, Abuja on Thursday.

Chukwuogor said the campaign was to sensitise traders, educate them to prevent further victimisation and empower them to make informed decisions when approached with investment requests.

”We want to saturate everywhere, saturation is my favorite word, it means that there will be no room to do anything more.

”We are here to spend time with people having realised that the issue of Ponzi schemes menace is affecting and spreading all over the place and they are deceiving and collecting peoples’ money especially from traders in the market.

”We have seen people lose their life savings, their businesses, and their peace of mind.

”That is why we are taking this message to the markets, motor parks, online platforms—anywhere Nigerians are making financial decisions because prevention through education is our first line of defence,” she said.

Also speaking, the Head of Enforcement Department of SEC, Mr Abdusalam Khalid, said the ommission would not hesitate to prosecute illegal operators who refused to cease their fraudulent activities.

He urged the public to verify all investment opportunities through official channels and report suspicious activities through the SEC helpline.

Some of the traders who spoke appealed to SEC to continue with its fight against the scheme to stop citizens from loosing their monies.

It was reported that SEC distributed flyers in multiple languages and engaged traders during the campaign.