Regulatory Alerts2024-06-19
Ponzi: Famzhi Boss Jailed Five Years for Investment Scam
The Securities and Exchange Commission secured a Federal High Court judgment sentencing Famzhi Interbiz Managing Director Mariam Suleiman to five years’ imprisonment without a fine for defrauding investors of over N2 billion. The ruling mandates the liquidation of all defendant properties to compensate victims, while upholding a prior SEC public notice that declared the company’s unregistered investment products and guaranteed returns unlawful under the Investments and Securities Act 2007. This enforcement action formally invalidates the entity’s unregistered fund-solicitation activities and establishes a precedent for prosecuting similar securities violations.
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