ILLEGAL CAPITAL MARKET OPERATOR CONVICTED

Faraway from Lagos, Nigeria's commercial capital, the Federal High court Kaduna division, says Securities And Exchange Commission, in a landmark judgement on October 26 2016 convicted an illegal capital market operator to five years imprisonment.

According to the SEC in a post on its website late last week, convicted was one Moses Samanja the managing director of an illegal and unregistered capital market operator, Marian Moses Ventures Ltd.

He and the company were found guilty of soliciting and collecting deposits from the public with promises of "unrealistic return" on investment without SEC registration or license issued by the Central Bank of Nigeria.

The court also directed the Corporate Affairs Commission to wind up the company and any funds in its accounts be used to restitute its clients.

"Consequent upon the above" declared SEC, "this is to advise the investing public to always demand for SEC registration or CBN license before making deposit or subscribing to a scheme promoted by any firm" in Nigeria.

Meanwhile, the SEC in another post announced that it has lifted the suspension placed on Heritage Capital Markets ltd , its directors and sponsored individuals with effect from February 1,this year.

No official reasons were given but apparently the company may finally satisfied the SEC on conditions given for continued operation in the capital market.

Comments

  1. Anonymous20 February 2017 at 17:26

    Quite a commendable verdict!
    I hope this serves as a deterrent to other people who engage in illegal dealings to swindle the unsuspecting public of their hard earned money.

    ReplyDelete
  2. HENATES21 February 2017 at 05:39

    I hope so too cause its about time.

    ReplyDelete
  3. HENATES21 February 2017 at 05:40

    I hope so too cause its about time.

    ReplyDelete

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