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HomeBusinessGhana: SEC, Eoco Raise Red Flag Over 17 Unlicensed Investment Entities

Ghana: SEC, Eoco Raise Red Flag Over 17 Unlicensed Investment Entities



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The Securities and Exchange Commission (SEC) and the Economic and Organised Crime Office (EOCO) have warned the public against investing in a number of unlicensed entities operating in the capital market.

In a joint statement issued in Accra yesterday SEC listed PatronPay Ghana/PetronPayGhana, Cedi Network Ghana, Bitcash Investment, Solmax Group, Freedom Synergy and FxKash Investment as some of the illegal entities.

The rest are Binomo Investment, Hi Pay, Quick Earn, Lite Earn, Snap Finance, Faucet Wealth Investment, Opay Investment, Payme Financial Services, Passive Income, Yvonne Hanson Deals and Alpha Pay.

The Securities and Exchange Commission (hereinafter referred to as (“SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) as amended by the Securities Industry (Amendment) Act, 2021 (Act 1062), to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected. The SEC is the apex regulatory body of the securities industry.

The Economic and Organised Crime Office is established by the Economic and Organised Crime Office Act, 2010 (Act 804) as a specialised agency to monitor and investigate economic and organised crime and on the authority of the Attorney-General prosecute these offences to recover the proceeds of crime and provide for related matters.

An essential obligation of the SEC stipulated in Section 3(b) of Act 929 is to maintain surveillance over activities in securities to ensure orderly, fair, and equitable dealings in securities.