Home Scam/Fraud SEC, others back 10-year jail term for Ponzi scheme operators

SEC, others back 10-year jail term for Ponzi scheme operators

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From Ndubuisi Orji, Abuja

The Security and Exchange Commission (SEC), the Chartered Institute of Stock Brokers, as well as other critical stakeholders in the capital market have expressed support for a bill before the House of Representatives, seeking to prohibit Ponzi schemes in the country.

The stakeholders expressed support for the proposed legislation, which prescribes a 10- year jail term for operators and promoters of ponzi schemes, at a public hearing organised by the House Committee on Capital Market and Institutions, yesterday, in Abuja.

The proposed legislation has, as its long title, “a bill for an act to repeal the investment and security act, 2007 and enact the investments and securities bill to establish securities and exchange commission as the apex regulatory authority for the Nigerian capital market, as well as regulation of the market to ensure capital formation, the protection of investors, maintain fair, efficient…

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