Regulatory Alerts2017-02-25
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SEC Nigeria Seals Up Business Premises of Yuan Dong (YDEC) for Illegal Capital Market Operations
The Securities and Exchange Commission of Nigeria sealed the business premises of Yuan Dong (YDEC) on February 23, 2017, to halt its unlicensed investment operations that breach the Investment and Securities Act. Investigations revealed the company falsely claimed nationwide presence, promised fixed daily profits and referral bonuses to unsuspecting investors, and had its promoters arrested for illegal activities. The Commission urges the investing public to verify operator licenses on its official website before committing funds to safeguard against fraudulent schemes.
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