SEC uncovers illegal market operator, warns investors

By The Citizen

The Securities and Exchange Commission (SEC) has warned the investing public about the activities of a company, which has been engaging in illegal capital market activities.

In a circular, the apex capital market regulator cautioned the public 'that one Dr. David Torty and TMA Consulting Group are not registered by the Commission to carry out any capital market activity.'

According to SEC, the illegal operator, which operates from Owerri, Imo State, has been carrying on capital market activities illegally, through TMA Consulting Group.

'The public is by this notice advised not to transact any capital market business with the said David Torty,' SEC warned.

It urged investors wishing to invest in the capital market to transact through bona fide operators registered with the capital market regulators noting that information on registered operators is available on the regulators' website.

It should be recalled that SEC had earlier sealed up the offices of a number of illegal fund managers in Jos, Port Harcourt, Sokoto and Lagos. The apex regulator of the capital market has also sanctioned some operators in the capital market in line with the zero tolerance policy for improper behavior in the Nigerian capital market.

The closed illegal operators included Women-In-Oil, an illegal fund manager and Ponzi Scheme, Green Planet Association International, Bukuru and Wiscom Ventures, Jos North.