The Securities and Exchange Commission (SEC) has warned the public against investing in a Finnish-based company operating in Ghana, Wiseling Online Investment Company.
The Commission says it has not licensed the company to carry out any capital market activity, including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).
“Wiseling Online Investment Company is therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed products,” it said in a statement.
How it operates
Reports say that Wiseling promises its investors varying daily returns based on how much they invest. It also claims to offer rewards to investors for any new member they refer to the company.
The company’s many promotional materials say it works with professional traders, financial analysts among others to analyse market flow and make enough money to return to investors as profits.
There is evidence that the company, at least in 2020 held various events to introduce its operations to some interested Ghanaians.
The SEC has, therefore, assured that it is dedicated to ensuring rigorous implementation of all the rules for operators in the Capital Market to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
“The General and investing Public is further advised to consult the SEC through its toll-free line number 0800100065 or main line number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market,” SEC said.
The Securities and Exchange Commission (hereinafter referred to as “SEC”) is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair, and transparent securities market in which investors and the integrity of the market are protected.
One of the core functions of the SEC is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information to the public to inform their investment decisions.