SEC probes Ponzi scheme linked to FF Tiffany as Nigerians lose billions of naira

Securities and Exchange Commission (SEC) has disclosed plans to investigate the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens. A statement by the SEC on Tuesday said that preliminary information revealed the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billion naira. The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system. The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to the SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act (ISA) and regulatory provisions. SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns. ”These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said. The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels. The SEC stated that it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market. NAN