The Economic and Organized Crime Office and the Securities and Exchange Commission have issued citations to seventeen (17) investment firms that were operating illegally.

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Thus, the public has been warned to tread cautiously around these 17 unlicensed businesses.

In a statement, the regulatory body, SEC, urged with the public to “be vigilant and desist from investing in all unlicensed investment products.”

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 SEC was established by the Economic and Organized Crime Office Act, 2010 (Act 804) as a specialised agency to monitor and investigate economic and organised crime. The SEC is the primary regulating body of the securities sector.

Additionally, as per Section 3(d) of Act 804, EOCO is responsible for taking reasonable precautions to stop the commission of the crimes listed in Section 3(a), including tax fraud, money laundering, human trafficking, and other serious offences. These crimes include financial or economic loss to the Republic or any State entity or institution in which the State has financial interest.

Read the full statement below:

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The SEC and EOCO began joint investigations into the actions of specific businesses, which they claimed are “largely operating via online channels.”

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