"Not Authorised": SEC Speaks on Status of Former Police Commissioner’s Investment Club
- The SEC has declared an Anambra state former police commissioner’s investment club unregistered and unauthorised
- The commission's intervention follows a petition written against the group, alleging fraud and misappropriation of funds
- It advised the public to always check the registration status of any organisation on its website before engaging with them
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
The Securities and Exchange Commission (SEC) has stated that Alpha Trust Investment Club (ATIC) and its investment plans are neither registered nor sanctioned by the capital market regulator.
ATIC was co-founded by Aderemi Adeoye, a retired police commissioner, in June 2018.
Source: UGC
Earlier this year, the commission shut down an investment company due to alleged involvement in illegal investment and other prohibited capital market activities.
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
ATIC in the eye of the storm
A group submitted a petition to Kayode Egbetokun, the inspector-general of police (IGP), requesting an investigation into an alleged fraud and misappropriation case involving the former police commissioner in Anambra state.
The petition, dated January 30, accused Aderemi Adeoye of running a "Ponzi scheme" and misusing funds intended for investments in ATIC.
However, on May 3, Adeoye refuted these accusations, stating that the claims were baseless.
He mentioned that the club had communicated with the Federal Inland Revenue Service (FIRS) and the SEC to ensure their activities were within legal boundaries.
SEC warns against investment in ATIC
According to a statement released by the SEC, the investment club's activities violate the Investments and Securities Act of 2007.
The statement partly read:
“The attention of the Securities and Exchange Commission (“the Commission”), has been drawn to the activities of Alpha Trust Investment Club, an entity that is believed to be facilitating investment to the public.
“The Commission hereby notifies the investing public that Alpha Trust Investment Club and the investment schemes it is promoting are not registered/authorized by the Commission."
The commission cautioned investment promoters and the public that operating as an investment professional or conducting investment and securities business without prior registration with the commission is a serious violation of the Investments and Securities Act of 2007.
The SEC advised the public to always check the registration status of any individual or organisation, as well as the investment products being promoted, on the commission’s website before engaging with them.
SEC issues warning over $Davido meme coin
In related news, Legit.ng reported that the SEC had addressed concerns regarding the $DAVIDO meme coin, purportedly associated with popular Nigerian singer Davido.
In a recent statement, the SEC clarified that meme coins are cryptocurrencies inspired by memes and internet jokes.
The commission explained that these coins are often intended to be fun and light-hearted, promoted through social media communities, and occasionally endorsed by celebrities.
The SEC also noted that the coin lacks intrinsic value and cautioned the public to trade it at their own risk.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
