Ponzi schemes are still much around with us. It didn’t die with MMM.

There are still many of such schemes out there, passing as credible investments.

But here is what the Securities and Exchange Commission, SEC wants you to do.

The commission wants you to shun any investment that promises you quick and huge returns.

They want you to run from any investment that promises returns that are too good to be true because all the time, they are not true.

“Stay away from fake financial experts who would promise to double your money within a short time,” warned the Acting Director-General, SEC, Ms Mary Uduk on Wednesday in Port Harcourt.

Ms Uduk was speaking during a town hall meeting organised by SEC on current initiatives by the apex capital market regulator to enhance investor value.

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She explained that the purpose of the meeting with shareholders and other investors is to protect them from the antics of such fraudsters, especially promoters of Ponzi schemes.

“The purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value.

“These fraudsters or promoters of Ponzi schemes are the false prophets of the investment environment; they are the ill wind that blows no good and at whose sight you must flee.

“They are to be avoided. This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard-earned money,” she said.

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