Ponzi: New Bill empowers SEC to sanction unregistered investment schemes
The Securities and Exchange Commission (SEC) would in the nearest future be able impose stiffer punishment on promoters of Ponzi schemes and other unregistered investment schemes, if changes to its laws are passed by the National Assembly. Under the proposed law, ‘A bill to repeal the Investment and Securities Act 2007 and to enact the Investments and Securities Act, 2021’ which passed the second reading at the floor of the House of Representatives yesterday, SEC will be empowered to address the challenges of Ponzi schemes.