{"id":11135,"date":"2017-02-26T15:55:02","date_gmt":"2017-02-26T14:55:02","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11135"},"modified":"2017-02-26T15:55:02","modified_gmt":"2017-02-26T14:55:02","slug":"sec-seals-up-yuan-dong-over-alleged-ponzi-operations","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-seals-up-yuan-dong-over-alleged-ponzi-operations\/","title":{"rendered":"SEC seals up Yuan Dong over alleged Ponzi operations"},"content":{"rendered":"

Securities and Exchange Commission says it has sealed up the premises of Yuan Dong for unacceptable investment operations in the country.<\/p>\n

The Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors.<\/p>\n

\u201cInvestments in the scheme range from a minimum deposit of N10,000 to a maximum deposit of N240,000.<\/p>\n

\u201cThe investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis.<\/p>\n

\u201cThe company promises a daily profit of N80 and N2,400 depending on the category of investment,\u201d he said.<\/p>\n

Abdussalam said the commission\u2019s investigations showed that the company also enticed its customers with payment of bonuses should they convince more investors to invest in the scheme.<\/p>\n

He said that the commission had established that the company\u2019s activities also constituted a breach of the Investment and Securities Act (ISA), 2007.<\/p>\n

\u201cFurthermore it was discovered that contrary to their supposed existence in over 20 locations across the country, the company only has functional offices in Asaba, Kano and Abuja.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThe promoters of these illegal operations have been arrested by the Nigeria Police Force and are undergoing interrogation.<\/p>\n

\u201cThe Commission wishes to notify the investing public that the company is not licensed to carry out investments business of any type and as such its operations are illegal,\u201d he said.<\/p>\n

Abdussalam advised the public to exercise due diligence and caution in the course of making investment decisions.<\/p>\n

He said valid licence of lawful operators could be obtained on the commission\u2019s website by members of the public to confirm the licences of firms they intend to carry investment activities with.<\/p>\n

NAN<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Securities and Exchange Commission says it has sealed up the premises of Yuan Dong for unacceptable investment operations in the country. The Head, Corporate Communication of SEC, Mr Naif Abdussalam, in a statement on Sunday in Abuja, said the closure was to end unlawful activities of the company against unsuspecting investors. \u201cInvestments in the scheme …<\/p>\n","protected":false},"author":11,"featured_media":10941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[575],"coauthors":[2392,2393],"class_list":["post-11135","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-sec"],"yoast_head":"\nSEC seals up Yuan Dong over alleged Ponzi operations - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/sec-seals-up-yuan-dong-over-alleged-ponzi-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC seals up Yuan Dong over alleged Ponzi operations - National Wire\" \/>\n<meta property=\"og:description\" content=\"Securities and Exchange Commission says it has sealed up the premises of Yuan Dong for unacceptable investment operations in the country. 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