The Securities and Exchange CommissionSEC on Tuesday announced that it is investigating 79 suspected ponzi schemes, including one operating under the name FF Tiffany.
The Commission in a statement revealed that FF Tiffany has been widely reported for allegedly running a fraudulent investment operation that has defrauded thousands of Nigerians both at home and abroad.
SEC added that preliminary findings indicate that the scheme promised investors unusually high and unrealistic returns, resulting in the loss of several billions of naira.
Describing the development as a serious threat to investor confidence and the integrity of the financial system, the Commission assured the public that it is working closely with law enforcement agencies and other relevant authorities to ensure that all individuals involved in the illegal operation are brought to justice.