SEC Probes 79 Investment Schemes Linked to FF Tiffany

The Securities and Exchange Commission (SEC) has revealed plans to commence a full investigation into the activities of an entity operating under the name FF Tiffany.

This is just as it disclosed that it is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation.

FF Tiffany has been widely reported for allegedly running a fraudulent investment scheme that has defrauded thousands of Nigerians across the country and in the diaspora.

The SEC said preliminary information suggests that the scheme, which promised investors unusually high and unrealistic returns, has resulted in the loss of several billions of naira.

The commission said it views this as a serious threat to investor confidence and the overall integrity of the financial system and assured the public that it is working closely with law enforcement agencies and other relevant bodies to bring everyone involved in this unlawful operation to justice.

Those found culpable will be prosecuted in accordance with Investment and Securities Act and regulatory provisions, the SEC assured.

In light of this development, the SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promise guaranteed or exaggerated returns. These schemes are not registered with the SEC and do not offer investor protection under the law.

“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation” the SEC stated.

The Commission therefore encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the Commission directly through official channels.

The Commission said it remains committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.

The Commission had in a bid to prevent more Nigerians from falling victims to Ponzi schemes, conducted various sensitization campaigns across the country.

The Director General, Dr. Emomotimi Agama, had led the SEC team that distributed informational flyers and engaged traders on the risks associated with investing in unregulated schemes.

Speaking to journalists after the event, Agama had explained that the initiative was part of the SEC’s ongoing efforts to protect Nigerians from fraudulent investment platforms.

“It is crucial that Nigerians understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC,” Agama stated.

He said, “We are happy that we have come out here to inform them and more importantly, they are now being enlightened to the effect that if it is too good to be true then it is not good, certainly it is not true. They encouraged us to come back again on this journey and we have also encouraged them to inform more people all around them about the dangers of Ponzi schemes. We believe strongly that by this action, a lot of people would be free from ponzi scheme scams.”