The Securities and Exchange Commission (SEC) has issued a warning to the public following a rise in suspected fraudulent “money doubling” investment schemes being promoted on various television stations nationwide.
In a statement issued, the Commission noted that these promoters typically promise extraordinarily high returns with little or no risk, an indication of fraudulent activity intended to deceive unsuspecting individuals.
The SEC stressed that none of the schemes currently being advertised on television have been approved, authorised, or licensed by the Commission.
It therefore urged the public to exercise caution and refrain from investing in products offered by unlicensed operators.
The regulator also reminded persons and groups behind such promotions that their actions violate Section 144(1) of the Securities Industry Act, as amended, as well as Section 294(1)(b) of the Companies Act, which prohibit unlicensed entities from publicly inviting or advertising securities-related products.
To help safeguard investors, the Commission advised the public to verify the licensing status of any investment firm or promoter by calling its toll-free number 0800 100 065, its main office lines 0302 768 970–2, or by emailing info@sec.gov.gh.
Although the SEC confirmed that several entities have already been flagged for engaging in these misleading advertisements, it did not immediately disclose their names.
The Commission emphasized its commitment to protecting investors and ensuring a fair, transparent, and orderly securities market.
