The Securities and Exchange Commission, SEC has restated it’s determination to go after illegal fund managers and ensure they are made to face the full wrath of the law.
Acting Director-General of the SEC, Mary Uduk, who stated this in an interview with journalists in Abuja at the weekend, said what the SEC had done apart from continuing to educate people, is to also go after the promoters of these schemes.
She said “we are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts.
Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.