SEC Flags 33 TV Stations for Fraudulent Money Doubling Schemes

The Securities and Exchange Commission (SEC) has flagged 33 television stations for suspected fraudulent money-doubling scheme advertisements in accordance with sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended.

They include Adwempa TV, Asomafo TV, Big TV, Diamond TV, Eagle TV, Elephant TV, Golden TV and TV Magic.

It observes that these schemes are designed to attract members of the public to give money for higher returns at little or no risk.

The Commission, in a statement, informed the public that it had not approved, authorised or licensed any of the schemes being advertised on these television channels.

“The SEC therefore draws the attention of the General Public to these fraudulent activities and advises the Public to be vigilant and to desist from investing in their unlicensed products.”

It emphasised that engaging in public invitations and advertisements on securities-related products and services without a license or recourse to the SEC falls under a criminal offence.

It said while referencing sections 144 (1) of the Securities Industry Act as amended and 294(1) (b) of the Companies Act.

Story by Hajara Fuseini

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