The Securities and Exchange Commission, SEC, together with the Economic and Organized Crime Office ,EOCO are advising the general public to be vigilant and to desist from investing in all unlicensed investment products from 17 entities operating without approval. The culprits were made out after a joint investigation conducted in line with the mandate of SEC and EOCO.
In a joint release, SEC and EOCO disclosed that the said entities operate largely via online platforms. They include:
- PatronPay Ghana
- Cedi Network Ghana
- Bitcash Investment
- Solmax Group
- Freedom Synergy
- FxKash Investment
- Binomo Investment
- Hi Pay
- Quick Earn
- Lite Earn
- Snap Finance
- Faucet Wealth Investment
- Opay Investment
- Payme Financial Services
- Passive Income
- Yvonne Hanson Deals
- Alpha Pay
The two bodies say they are 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.
They continue to implore members of the public to report activities of such entities.
The Securities and Exchange Commission is established by the Securities Industry Act, 2016 (Act 929) with the object to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
Functions of the Commission
- Advise the Minister on matters relating to the securities industry.
- Maintain surveillance over activities in securities to ensure orderly, fair, and equitable dealings in securities.
- Register, license, authorize or regulate, in accordance with the Act or the Regulations, the establishment of securities exchanges, commodities and futures exchanges, securities depositories, clearing and settlement institutions, credit rating agencies, fund managers, investment advisers, unit trusts, mutual funds, hedge funds, private equity funds, venture capital funds, nominees, underwriters, issuing houses, registrars, custodians, trustees, primary dealers, broker-dealers the mode of conduct of securities businesses, issues concerning Accounts and Audits, the establishment of fidelity funds and trading in securities.
- Formulate principles for the guidance of the industry.
- Monitor the solvency of license holders and take measures to protect the interest of customers where the solvency of a license holder is in doubt.
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