Golden Empire, unlicensed loom – SEC | Economic news

The Securities and Exchange Commission (SEC) has warned the public against Golden Empire and Loom, the regulator confirming that they are not allowed.

According to the Chief Executive of the Securities and Exchange Commission, Reverend Daniel Ogbarmey Tetteh, the public must be wary of these institutions not to be scammed.

He said: "We have received notices from people through our channels through which people inform us of these schemes and we will follow the procedures in place to resolve the issue."

He added that "it's important that investors ask questions before placing their funds in these companies and one of the fundamental questions is what are the underlying investments." Because if someone promises you high returns, it means that there are high risks and that it is better to look for the exit. "

Revocation of license

In April 2019, the Securities and Exchange Commission (SEC) revoked the licenses of five investment companies.
The companies include Georgetown Capital Partners Ltd., Equity Capital Ltd., Index Analytics Ltd., DM Capital Ltd. and Oxygen Advisory Ltd. at their own risk, according to the regulator.

SEC has revoked its licenses under Section 122 of the Securities Industry Act, 2016 (Law 929). The decision of the Securities and Exchange Commission is to help clean up the market.