The Securities Exchange Commission (SEC) has issued a stern warning against the activities of an online investment scheme – Value Growth Platform – saying it is out to defraud Nigerians,
The management of SEC warned through a statement that Value Growth Platform provides investors with market analysis reports, recommendations for investment and trading on behalf of unsuspecting public.
According to the SEC, the Value Growth Platform, an unregistered platform, has features of a Ponzi scheme, which promises unsuspecting people monetary rewards.
“The Commission, hereby, informs the public that Value Growth Platform is not registered by the commission to either solicit investments from the public or operate in any capacity within the Nigerian capital market.
“Investigations have revealed that Value Growth Platform’s operations exhibit typical indicators of a fraudulent Ponzi scheme, which includes promises of guaranteed returns, heavy reliance on a referral system with promises of monetary rewards for referrals and desperate requests for subscribers to fund accounts,” the statement read in part.
The SEC also advised Nigerians to be cautious about investing with the platform.
“Accordingly, the public is advised to be cautious about investing with the said Value Growth Platform, as any person who engages with the entity or its representatives does so at his/her own risk.”