The Securities and Exchange Commission (SEC) has cautioned the public after uncovering 33 television stations broadcasting suspected “money-doubling” schemes across Ghana. According to the Commission, these schemes lure unsuspecting viewers with promises of extraordinarily high returns at little or no risk — a hallmark of fraudulent activity.
The regulator emphasised that none of the entities being promoted have received approval or licensing to operate as investment firms in Ghana. “The SEC wishes to inform the public that it has not approved, authorised, or licensed any of the schemes currently advertised on these television channels,” the notice stated. The Commission urged Ghanaians to exercise vigilance and avoid falling prey to such scams, reiterating its commitment to safeguarding the integrity of the investment landscape.
According to the Commission, operators of these schemes are in breach of Section 144(1) of the Securities Industry Act and Section 294(1)(b) of the Companies Act, which prohibit unlicensed public invitations and advertisements for securities-related products. Those involved could face criminal prosecution. The warning comes amid growing concerns about the rise in financial fraud, especially following past investment scandals that affected thousands of Ghanaians.
The SEC says it is monitoring the situation closely to safeguard investor funds and maintain confidence in the capital market. The public has been encouraged to verify the licensing status of any investment-related firm before committing funds. For assistance, individuals may call the SEC’s toll-free line 0800 100 065, its main line 0302 768 970–2, or email info@sec.gov.gh. The Commission reaffirmed its commitment to protecting investors and ensuring a transparent and trustworthy securities market.
Source: Myjoyonline