The Securities & Exchange Commission has raised the alarm over an illegal operator in the capital market known as Ruby Gold Ventures (Crypto Currency investment).
In a statement obtained from SEC’s website, the regulator noted that the Ruby Gold Ventures was not registered by the Commission to perform any function in the capital market.
“Its operations/activities in the capital market are therefore illegal.
In view of the above, the investing public is hereby warned to stop and desist from dealing with the company in any capital market related business.
“Please note that any person who does capital market related business with the company and its promoters after this publication does so at his/her own risk,” SEC noted. SEC had recently cautioned the investing public on the activities of two illegal capital market operators in the country.
The commission in a notice obtained by this newspaper said its attention had been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm. net).
The regulator said the platform had embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 per cent.
The SEC said: “The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a PONZI SCHEME where returns are paid from other people’s invested sum. Also, the Commission does not register its operation.
“The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk.”