SEC reveals new Fraudulent Scheme, warns public about fake investment opportunities

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The Securities and Exchange Commission (SEC) has issued a warning about Forsman & Bodenfors Ltd, a company that claims to be the Nigerian branch of a Swedish advertising firm. According to the SEC, the entity is fraudulent and operates with criminal intent.

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The commission stated that the promoters of Forsman & Bodenfors Ltd promise Nigerians automatic employment in the company in exchange for recruiting more members who pay various sums of money for different positions. “Preliminary investigations reveal that FORSMAN & BODENFORS LTD has been actively promoted on social media platforms and online forums. Its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme,” the SEC said.

The SEC emphasized that Forsman & Bodenfors Ltd is not registered by the commission nor authorized to solicit funds from the public or operate in any capacity in the Nigerian capital market. “The Commission hereby informs the public that FORSMAN & BODENFORS LTD is NOT REGISTERED by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market,” the statement reads.

The SEC urged the public to avoid engaging with the firm or its representatives concerning activities in the Nigerian capital market, warning that there is a potential risk of financial loss due to the fraudulent nature of its promoters. The commission also advised Nigerians to verify the status of companies and entities offering investment opportunities on the commission’s portal before transacting with them.

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