The Securities and Exchange Commission (SEC) has issued a warning to the general and investing public to be careful of the activities of Wiseling Online Investment Company urging individuals and organisations to desist from operating or transacting business with them.
As a State Agency responsible for the safety of the general public, the Securities and Exchange Commission emphasizes that Wiseling Online Investment Company has not been licensed by its outfit to carry out any Capital Market activity.
“The General Public is hereby put on notice that WISELING ONLINE INVESTMENT COMPANY, a Finnish-based company operating in Ghana has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929)”.
SEC
The Securities and Exchange Commission further advised the general and investing public to be cautious of unlicensed products. Individuals and organisations must make sure to ascertain whether such electronic investment and trading entities have been duly licensed to operate before dealing with them.
Also, the Commission beckoned that investors should not hesitate to consult their outfit through its toll-free line number or main line number as published on its website to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market.
“One of the core functions of the [Securities and Exchange Commission] is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information to the public to inform their investment decisions”.
SEC
Last month for instance, the Commission issued a similar public interest warning cautioning Ghanaians to desist from operating with a Chinese originated electronic commerce firm: CHY Century Heng Yue Group Limited/ SAIRUI E-Commerce Ghana Limited. SEC immediately directed the matter to the Economic and Organised Crime Office (EOCO) to conduct the necessary investigations into the allegations raised against their operations. EOCO revealed that the Chinese firm is a ponzi scheme.
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors and is based on using new investors’ funds to pay the earlier investors. Such schemes have a consistent flow of returns regardless of market conditions and Investments have not been duly registered with the appropriate regulatory authorities.
The Securities and Exchange Commission has constantly reassured all “Market Operators, Investors and the General Public” that its outfit is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market.
Additionally, this move by the Securities and Exchange Commission will go a long way to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
Finally, the Securities and Exchange Commission has asserted that this Public Interest Warning is issued in pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929). As such, the general and investing public has been urged to adhere to the notice and be guided accordingly as anyone who disregards this warning does so at his or her own risk.
