33 TV stations flagged by SEC for broadcasting illegal “Money-Doubling” schemes
By DL News
Published
1 min read
In its advisory, the regulator said the schemes promise extraordinary profits with little or no risk, a red flag typical of fraudulent investment operations.
The Securities and Exchange Commission (SEC) has issued a nationwide alert after uncovering 33 television stations promoting unlicensed “money-doubling” and high-return investment schemes.
In its advisory, the regulator said the schemes promise extraordinary profits with little or no risk, a red flag typical of fraudulent investment operations.
SEC stressed that none of the entities being advertised have its approval to operate in Ghana’s capital market.
The Commission noted that the operators behind these adverts are contravening:
Section 144(1) of the Securities Industry Act, 2016 (Act 929)
Section 294(1)(b) of the Companies Act, 2019 (Act 992)
Both provisions bar individuals or organisations from issuing public invitations for investments without the necessary licenses. Offenders risk criminal sanctions.
The latest alert comes against a backdrop of rising financial scams in the country, with memories of previous Ponzi-style collapses still fresh among Ghanaians. SEC says it is tightening surveillance to protect the investing public and uphold confidence in the market.
Ghanaians are being advised to confirm the regulatory status of any firm seeking investment funds.
Verification can be done via:
Toll-free line: 0800 100 065
Main line: 0302 768 970–2
Email: info@sec.gov.gh
SEC reaffirmed its commitment to investor protection, market integrity, and the dismantling of fraudulent financial operations across the country.
