THE Securities and Exchange Commission (SEC) has announced an ongoing investigation into 79 suspected Ponzi schemes operating across Nigeria, including the controversial FF Tiffany, which is accused of defrauding thousands of Nigerians both locally and abroad.
In a statement released yesterday, the Commission said it will disclose the outcome of the investigations once concluded.
According to the SEC, preliminary findings suggest that FF Tiffany ran an unregistered investment scheme that promised investors unrealistically high returns, leading to the loss of billions of naira.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The regulatory body described the situation as a significant threat to investor confidence and the stability of the financial market.
It assured the public that it is working in collaboration with law enforcement and other relevant agencies to hold those responsible accountable.
“Those found culpable will be prosecuted in accordance with the Investment and Securities Act and applicable regulations,” the SEC added.
The Commission also reiterated its long-standing warning to Nigerians to avoid Ponzi or unregistered investment schemes that promise guaranteed or exaggerated returns, stressing that such schemes are not registered with the SEC and do not offer legal investor protection.
This development underscores the SEC’s ongoing efforts to clamp down on financial fraud and protect the investing public from predatory schemes.