SEC, EOCO Blacklist 17 Investment Firms

Rev. Daniel Ogbarmi Tetteh (SEC Boss) and Maame Yaa Tiwaa Addo Danquah (EOCO Boss)

The Securities and Exchange Commission (SEC) and Economic and Organised Crime Office (EOCO) have cautioned the public against engaging in any business activities with some 17 investments agencies.

According to the two state institutions, the 17 investment entities, found to be largely operating via online channels, are “unlicensed.”

This was revealed in a joint SEC and EOCO investigations into the activities the entities in the country.

The ‘unlicensed’ entities included; PatronPay Ghana/PetronPay Ghana, Cedi Network Ghana, Bitcash Investment, Solmax Group, Freedom Synergy, FxKash Investment, Binomo Investment, Hi Pay, Quick Earn, and Lite Earn.

The others are; Snap Finance, Faucet Wealth Investment and Opay Investment, Payme Financial Services, Passive Income, Yvonne Hanson Deals, and Alpha Pay.

A joint statement issued to the media stated that, “the General Public is hereby advised to be vigilant and to desist from investing in all unlicensed investment products.”

It also assured capital market operators, investors, and the public that SEC in collaboration with all relevant law enforcement agencies would ensure the rigorous enforcement of all the securities laws for operators in the market.

By Jamila Akweley Okertchiri

Tags: , ,