SEC strengthens its efforts to end Ponzi scheme operations

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Director-General of the Securities and Exchange Commission (SEC), Rev. Daniel Ogbarmey Tetteh, has noted that efforts to apprehend operators of pyramid or Ponzi schemes have been enhanced.

According to him, the Commission has solidified its collaboration with law enforcement agencies in the country as the trend has proven to be worrying.

In view of this, Rev. Ogbarmey Tetteh stated that perpetrators of such activities when caught will face the law.

“There is one thing that is coming up and it’s worrying, and that is the trend of people looking for quick fix or making money. So, you will find Ponzi schemes or pyramid schemes where people say ‘bring x amount and I will double it. In a week you can get this amount’ it is springing up all over the place. It surprises me that Ghanaians fall for such schemes.

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“We would like to send a strong warning to the perpetrators behind this activity that we have forged a stronger alliance with the law enforcement agencies and when you are caught scamming people, the law will take its course.”

He made the comments on Friday, February 11, when E ON 3 Group presented him with the Otumfuo Commemorative Gold Coin.

According to him, the initiative is part of the Commission’s steps to protect investors and the peace in the country.

In his delivery, Rev. Ogbarmey Tetteh admonished Ghanaians not to take the bait of hefty promises but rather to probe into the activities of Ponzi scheme operators.

Taking such steps, he said can prevent one from being a victim to such scams.

“May we also send this message to Ghanaians, that let us be more discerning and let’s begin to ask questions when we are promised something that is too good to be true. Let us ask questions about how they are able to generate whatever returns to give you so much. We all want peace of mind.

“So, let’s do the right thing and ensure when it comes to peace, we contribute to the country and as individuals,” he concluded.

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