The Securities and Exchange Commission (SEC) has commenced an investigation into the operations of a firm operating under the name FF Tiffany, over its alleged involvement in a fraudulent investment scheme.

Naijaonpoint learnt that the said organization has defrauded many Nigerians of billions of naira.

The Commission disclosed this in a statement issued in Abuja on Tuesday, warning the public about the growing threat posed by unregistered and Ponzi-style schemes that promise outrageous returns.

According to the SEC, preliminary findings show that FF Tiffany lured investors by promising unusually high and unrealistic returns, a classic red flag for fraudulent activity.

“The scheme, which promised investors unusually high and unrealistic returns, has resulted in the loss of several billions of naira,” the commission stated.

The SEC described the scheme as a threat to investor confidence and the overall integrity of Nigeria’s financial system.

The regulatory body stressed that it was working closely with law enforcement agencies and other relevant institutions to ensure that those involved are identified and brought to justice.

“Persons found culpable will be prosecuted in accordance with the Investment and Securities Act and other relevant regulations,” the statement added.

The Commission also revealed that the FF Tiffany probe is part of a broader crackdown, with 79 other schemes currently under investigation.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” it noted.

SEC Issues Strong Warning to the Public

Reiterating previous warnings, the SEC advised Nigerians to steer clear of Ponzi and unregistered investment platforms that promise guaranteed or exaggerated returns.

“These schemes are not registered with the SEC and do not offer investor protection under the law,” the commission warned.

It encouraged the public to verify the registration status of any investment platform or firm by visiting the SEC’s official website or contacting the agency through its formal communication channels.

SEC assured Nigerians of its unwavering commitment to protecting investors and maintaining trust in the capital market.

“SEC remains committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market,” the statement concluded.

As fraudulent investment platforms continue to evolve, the SEC is urging investors to exercise due diligence, avoid schemes that sound too good to be true, and report suspicious activities promptly.