SEC: Ponzi scheme the cancer impeding capital market operations

The Securities and Exchange Commission has described ponzi scheme as “cancer” bedeviling effective operations of the capital market.

SEC Director-General Lamido Yuguda said this at a post Capital Market Committee meeting press conference in Abuja on Friday. Yuguda revealed that the commission had been fighting a serious war against Ponzi schemes where people without licenses extort money from unsuspected victims. He said that the Commission had been working with other agencies to reduce access of ponzi schemes to advertising platforms.

”We have been saying that people should only deal with registered operators that have the registration of the Commission.

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