Ponzi: SEC seals Stockmatch over illegal investment activities

Nigeria’s Securities and Exchange Commission (SEC) on Tuesday sealed the premises of Stockmatch Investments Limited in Maiduguri, Borno State for allegedly engaging in illegal investment activities. This is in line with the SEC’s commitment to ensure that unregistered entities are not allowed to engage in capital market functions.

According to the commission, the office of the company in Wulari Plaza on Lagos Street Maiduguri, was shut for allegedly carrying out investment operations that fall within the ambit of fund management without registration by the SEC.

“This company does not have registration of the SEC to conduct fund management activities and has been found to promise exorbitant rates of returns to lure investors. The SEC has exercised its powers under Section 13 (w) Investments and Securities Act 2007, to shut it down”

“The commission hereby notifies the investing public that neither this entity nor its investment platforms are registered by the SEC.

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“The public is hereby reminded that it is unlawful for any private enterprise whether incorporated as a company or not, to solicit funds from the public by whatever means, to fund its private ventures as doing this will be in contravention of the Investments and Securities Act, 2007″ the SEC stated.

The Commission, therefore, advised the public to always confirm from the commission whether an entity providing investment services has been duly registered and whether the investment schemes are authorised by it.

It warned that any member of the investing public dealing with unregistered entities was doing so at his/her own risk.

It further encouraged the public to exercise due diligence and caution in making investment decisions, adding that a list of valid operators can be obtained on its website www.sec.gov.ng.