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SEC warns public against unlicensed Mekanism Investment Scheme

 


The Securities and Exchange Commission (SEC) has warned the investing public against engaging with an unlicensed investment scheme being promoted by Mekanism Marketing Ltd.

In a public notice, the regulator stated that Mekanism Marketing Ltd, also referred to as “Mekanism,” is not licensed, authorized or approved to operate in Ghana’s capital market.

The SEC indicated that any investment activity undertaken by the entity constitutes an unauthorized and illegal capital market activity.

According to the Commission, information available to it shows that the scheme is being promoted online through social media advertisements and other digital platforms to solicit funds from members of the public.

The entity reportedly requests deposits for investment purposes and promises fixed daily returns that vary depending on the amount invested.

SC further noted that participants are required to undertake vague and unspecified activities described as “Job 1” to “Job 10” as a basis for earning daily, monthly or annual income.

The regulator considers the promised returns to be unrealistic and unsustainable, bearing characteristics of a fraudulent scheme designed to lure unsuspecting investors.

Citing Section 109 of Act 929, the Commission emphasized that no person may operate as a market operator, broker, dealer, investment adviser or fund manager without a valid licence issued by the SEC.

It added that persons who contravene the Act are liable to administrative and criminal sanctions. The notice also referenced the Companies Act, 2019 (Act 992), which makes it unlawful to invite the public to invest in a company’s securities without complying with statutory requirements.

SEC says it is collaborating with relevant law enforcement agencies to identify and take appropriate action against individuals behind the suspected scheme.

The Commission urged investors to verify the licensing status of any individual or entity offering investment products or services before committing funds, as part of efforts to safeguard investor interests and protect the integrity of Ghana’s capital market.

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