SEC speaks about Golden Empire and Loom; says they are unlicensed

SEC speaks about Golden Empire and Loom; says they are unlicensed

The Securities and Exchange Commission (SEC) has advised Ghanaians against doing business with Golden Empire Legacy Limited and Loom, two investment firms.

YEN.com.gh understands that Golden Empire Legacy Limited is engaged in gold investments

The Director-General of SEC, Rev. Daniel Ogbarmey Tetteh, according to Graphic.com.gh, stated that the commission has received a notification of the operations of Golden Empire and Loom, and intends to deal with the issue as soon as possible.

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He said, “We have received some notifications at the usual channel by which people notify us of these scams. And we will follow our usual due process in advising clients.”

He therefore called on all investors to question the underlying motive behind the investment before parting with money.

He further advised investors to desist from investing in companies that promise high returns with a promise of it being guaranteed.

YEN.com.gh earlier reported that Loom, a Ponzi scheme targeting students, has arrived in Africa.

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Source: Yen

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