The Securities and Exchange Commission (SEC) announced on Tuesday that it is currently investigating 79 suspected Ponzi schemes, including one operating under the name FF Tiffany.
In a statement, the Commission disclosed that FF Tiffany has been widely reported for allegedly running a fraudulent investment scheme that has defrauded thousands of Nigerians both locally and internationally.
According to the SEC, preliminary investigations suggest the scheme lured investors with promises of extremely high and unrealistic returns, leading to losses amounting to several billions of naira.
Describing the situation as a serious threat to investor confidence and the integrity of the financial system, the Commission assured the public that it is working in collaboration with law enforcement and relevant authorities to ensure that those behind the illegal scheme are held accountable.
“Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions”, the Commission said.
The statement added: “The Commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation”.
The Commission has urged investors to carry out proper due diligence and confirm the registration status of any investment firm or product by visiting the SEC website or reaching out through its official communication channels.
It reaffirmed its dedication to protecting investors, promoting fair practices, and upholding trust in Nigeria’s capital market.
As part of efforts to curb the spread of Ponzi schemes, the Commission has conducted several awareness campaigns nationwide.
The Director General, Dr. Emomotimi Agama, led the SEC team in distributing informational flyers and engaging traders on the dangers of investing in unregulated schemes.