Pocket Option is a Ponzi scheme – SEC

Nigeria’s Securities and Exchange Commission (SEC) said that its attention has been drawn to the activities of Pocket Option, an online investment platform, which presents itself as an Investment Adviser/Fund Manager promoting unregistered investment scheme.

SEC said in a July 21 notice that “Investigations reveal that Pocket Option has been actively promoted on social media platforms and online forums. Its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme”.

“The Commission hereby informs the public that Pocket Option is not registered by it nor authorised to solicit investments from the public or to operate in any capacity in the Nigerian capital market,” SEC further said.

Accordingly, the SEC advised the public to refrain from engaging with Pocket Option or its representatives in respect of any business in the Nigerian capital market, “as any person who does so is at his/her own risk”.

“The investing public is reminded to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them,” SEC said in the July 21 notice.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.