SEC seals up company over alleged Ponzi operations

0
207

Securities and Exchange Commission (SEC) says it has sealed up the premises of Yuan Dong (YDEC) for unacceptable investment operations in the country.

The Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.

“Investments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000.

“The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.

“The company promises a daily profit of N80 and N2,400 depending on the category of investment,” he said.

Abdussalam said the commission’s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.

He said that the commission had established that the company’s activities also constituted a breach of the Investment and Securities Act (ISA), 2007.

“Furthermore it was discovered that contrary to their supposed existence in over 20 locations across the country, the company only has functional offices in Asaba, Kano and Abuja.

“The promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation.

“The Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal,” he said.

Abdussalam advised the public to exercise due diligence and caution in the course of making investment decisions.

He said valid licence of lawful operators could be obtained on the commission’s website by members of the public to confirm the licences of firms they intend to carry investment activities with.


AT LAST! Natural Herbs that Make You Last 35+ in Bed, Increase Manhood Size and Give Super-duper Strong Erection. Read More Here!

REVEALED! What Your Doctor Isn't Telling You About Your High Blood Pressure and Permanent Cure. Find Out Here.

DISCOVERY: How Man Discover Herbs that Cure Diabetes Completely in Under 90 Days Without Side Effects. Read for Yourself Here.

Do You Have Stubborn Infections, STI, Staphylococcus? Read How to Eliminate It Naturally Here.

He Discovered an Ancient Chinese Herbs for Arthritis, You Won't Believe How He Got Cured. Read Full Story Here.

This Home Remedy for Hepatitis A, B, C D and E is Fast and Effective. Check It Out Here.

LATEST NEWS: Fibroid Tumors Can Now Be Removed Without Surgery. Click Here to Read Details.

What's your say on this?