SEC warns public over rising TV “money doubling” scams

 

The Securities and Exchange Commission (SEC) has cautioned the general public about the growing number of suspected fraudulent investment schemes—commonly referred to as “money doubling” schemes—being advertised on some television stations across the country.

In a public notice, the SEC emphasised that these schemes promise unusually high returns with little or no risk, a characteristic typical of fraudulent operations designed to lure unsuspecting investors into handing over their money.

According to the Commission, none of the schemes currently being advertised have been approved, authorised, or licensed by the SEC.

It, therefore, urged the public to be vigilant and avoid investing in products or services offered by these unlicensed entities.

The SEC further warned individuals and groups involved in promoting such schemes that their actions constitute a criminal offence under Section 144(1) of the Securities Industry Act, as amended, and Section 294(1)(b) of the Companies Act. These laws prohibit public invitations or advertisements on securities-related products without proper licensing or clearance from the SEC.

The Commission encouraged the public to verify the licensing status of any investment firm or promoter by contacting its toll-free line, 0800100065, its main office numbers, 0302 768 970–2, or by emailing info@sec.gov.gh.

The SEC also disclosed that several entities have already been identified for engaging in these deceptive advertisements, though details were not immediately released.

The Commission reaffirmed its commitment to protecting investors and maintaining a fair, transparent, and efficient securities market.