The Securities and Exchange Commission and the Economic and Organised Crime Office have cited 17 investment companies for not being given licenses to operate. The commission in a statement thus urged the public to “be vigilant and to desist from investing in all unlicensed investment products.”
The SEC is the foremost regulatory body of the securities industry, while the Economic and Organised Crime Office is established by the Economic and Organised Crime Office Act, 2010 (Act 804) as a specialized agency to monitor and investigate economic and organized crime.
In a joint statement issued by SEC and the Economic and Organized Crime Office (EOCO), it was revealed that these entities were found to be operating through online portals. The statement urged the public to desist from engaging with the following unlicensed investment entities; PatronPay Ghana/PetronPay Ghana, Cedi Network Ghana, Bitcash Investment, Solmax Group, Freedom Synergy, FxKash Investment, Binomo Investment, and Hi Pay.
SEC and EOCO in the statement added that Capital Market Operators, Investors, and the General Public should be assured that the SEC, in collaboration with all relevant law enforcement agencies, was committed to ensuring the rigorous enforcement of all the securities laws for operators in the Capital Market 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.