SEC warns Nigerians against Loom Ponzi scheme - Premium Times Nigeria

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SEC warns Nigerians against Loom Ponzi scheme

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The Securities and Exchange Commission on Thursday raised alarm over the activities of a group it described as “online fraudsters, who are currently running an online investment scheme tagged ‘Loom Money Nigeria.”

According to the SEC DG, the group lures young Nigerians into investing as low as N1,000 and N13,000, with a promise of getting as much as eight times return for value of investment within 48 hours. “Unlike MMM that had a website and the promoter known, promoters of ‘Loom Money Nigeria’ are not yet known.

She also assured that an inter-agency committee, Financial Services Regulation Coordinating Committee is collaborating with security agencies to track the group and shut it down.

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