The Securities and Exchange Commission (SEC) has warned Ghanaians about a growing number of fraudulent investment schemes being advertised on television.
According to the Commission, these so-called money-doubling initiatives are “fraudulent schemes designed to get members of the public to give money for higher returns at little or no risk.”
In the document, the SEC clarified that none of the schemes being promoted have received regulatory approval.
“The SEC hereby informs the public that it has not approved, authorized or licensed any of the schemes being advertised on these television channels,” the notice stated.
Several media outlets were identified for airing such deceptive promotions. Among them were Advice TV, Adwempa TV, Akyedie TV, Asomafo TV, Best TV, Diamond TV, Big TV, Kumaplus TV, and others running ads for names like ECO Cash, Airopay, Chase Bank, Nana Bodom, and WorldRemit.
The Commission warned those behind the promotions, citing the law. “It is a criminal offence to engage in public invitations and advertisements on securities-related products and services without a license or recourse to the SEC,” the statement emphasized, referencing the Securities Industry Act and the Companies Act.
The SEC also urged the public to verify any investment platform before engaging.
“The SEC wishes to urge the public to call its toll-free line… or send an email… to confirm the licensing status of any firm,” the notice added.
See full statement below;
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