The Securities and Exchange Commission (SEC) is warning the public not to conduct business with 17 unlicensed firms that provide investment products.
These organizations were discovered to be using internet portals, according to a joint statement from the SEC and the Economic and Organized Crime Office (EOCO).
The SEC and EOCO looked into the actions of various businesses that predominantly operated through internet channels as part of their investigations, which led to this conclusion.
The following illegal investment companies were included in the statement as ones that the public was warned to avoid dealing with: PatronPay Ghana/PetronPay Ghana, Cedi Network Ghana, Bitcash Investment, Solmax Group, Freedom Synergy, FxKash Investment, Binomo Investment, and Hi Pay.
The remaining are Alpha Pay, Faucet Wealth Investment, Yvonne Hanson Deals, Payme Financial Services, Quick Earn, Lite Earn, Snap Finance, Faucet Wealth Investment, Opay Investment, and Faucet Wealth Investment.
The general public has been warned to exercise caution in order to avoid becoming a victim of such unauthorized businesses.
The SEC and EOCO also stated that investors, the general public, and capital market operators should be assured that the SEC is committed to ensuring that all securities laws are strictly enforced for capital market operators in cooperation with all pertinent law enforcement agencies in order to promote orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
Below is a copy of the statement: