Ponzi: SEC Seals Offices Of Stockmatch over Illegal Investment Activities

The Securities and Exchange Commission (SEC), on Tuesday, sealed the premises of Stockmatch Investments Ltd in Maiduguri, Borno State.

Stockmatch was alleged to have engaged in illegal investment activities, that fall within the ambit of fund management without registration by SEC.

The commission stormed the office of the company in Wulari Plaza on Lagos Street Maiduguri, on Tuesday where it was shut down

SEC said “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.

“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 commission also advised the public to always confirm from the SEC whether an entity providing investment services has been duly registered and whether the investment schemes are authorized by it.

SEC also, warned the public to desist from investing with unregistered entities, while urging the public to exercise due diligence in making investment decisions.