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- T he Securities and Exchange Commission has cautioned investors in Nigeria against transacting business with Converged Dynamic International Limited allegedly engaging in illegal practice.
- SEC, in a statement on Thursday, said that the company is an unregistered firm dealing in a product tagged “Resources Investment Account” offering interest rates in short and medium terms so as to lure the unsuspecting members of the public.
- The Commission, hereby, notifies the investing public that the operation of this investment scheme is not registered by the Commission and has no tangible business model, hence it’s a Ponzi scheme.”
- It stated that the operation is illegal because it is “a scheme where returns are paid from other people’s invested sum”.
- “The general public is hereby advised to desist from investing in products marketed by the company.”
- Source: Punch
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