Golden Empire and Loom are unlicensed – SEC

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The Securities and Exchange Commission (SEC) has cautioned the public against Golden Empire and Loom as the regulator confirms they are unlicensed.

According to the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh the public needs to be wary of such institutions to avoid being prey to scams.

He said, “We have received some notice from people through our channels by which people notify us of these schemes and we will follow due process to deal with the matter.”

He added that “it is important that investors should ask questions before they place their monies with these firms and one of the fundamental questions is that what is the underlying investments? Because if anyone promises you high returns it means that there are high risks and you are better advised to look for the exit.”

Revocation of license

The Securities and Exchange Commission (SEC) in April 2019 revoked the licenses of five investment companies.

The firms 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 revoked their licenses pursuant to Section 122 of the Securities Industry Act, 2016 (Act 929).

The move by the Securities and Exchange Commission is to help sanitize the market.

-Joy

ABOUT: Nana Kwesi Coomson

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An Entrepreneur and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow (YALI) who studied at Clark Atlanta University on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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