JUST IN: SEC, EOCO Warn Against 17 Investment Firms Operating Without License; Drop Full List
The Securities and Exchange Commission and the Economic and Organized Crime Office have issued citations to 17 investment firms for operating without a license.
In a statement, the commission asked the public to “be careful and refrain from participating in all unauthorized investment schemes.”
The Securities and Exchange Commission (SEC) is the primary regulating authority for the securities sector, whereas the Economic and Organised Crime Office (Act 804) created a specialized organization to monitor and investigate economic and organized crime.
The Economic and Organised Crime Office is charged with preventing and detecting organized crime under Section 2(a) of the Economic and Organised Crime Act 2010 (Act 804).
Furthermore, EOCO under Section 3(d) of Act 804 has a function of taking reasonable measures to prevent the commission of crimes specified in Section 3(a) —financial or economic loss to the Republic or any State entity or institution in which the State has financial interest, money laundering, human trafficking, prohibited cyber activity, tax fraud, and other serious offences. As part of this mandate, the SEC and EOCO embarked on joint investigations into the activities of some entities, which they said are “largely operating via online channels.”
Find the listed companies in the statement below