Sometime ago, friends and even family members were urging me to join on of such banks-cashflow, mary and moses. I was so pestered that i nearly gave in. Fast forward to two months back, people are dying because the bank has vanished into thing air. With excuse that the govt have withheld there monies hence they cant pay etc. All this are lies. Am talking about one cashflow which operated in kafachan, lafia axis. However, the post below is govt move to checkmate this daylight robbery.

Runaway Wonder Banks operators ‘ll be tracked down – SEC 0
December 27, 2012 | 1:13 am
News
By PETER EGWUATU
LAGOS – Investors in the nation’s capital market still havehope of recovering their money from illegal capital market operators, otherwise known as (Wonder Banks) as the Securitiesand Exchange Commission, SEC, has resolved to hunt fraudsters who escaped from the country.
Vanguard gathered that total claims against the Wonder Banks have risen to N106 billion,a situation the commission said did not augur well for the development of the capital market and the economy in general.
Director General of the SEC, Ms. Arunma Oteh, who confided in Vanguard on the commission’s zero tolerance, said: “We will not rest in our determination to restore investors’ confidence and protection. So, for those registered capital market operators who collected money from innocent investors with the intention of investing the money in the capital market andthereafter absconded to other countries, the commission will try as much as possible to track down these fraudsters and bringthem back to Nigeria for prosecution.”
On how the fraudsters would be tracked down, she said: “The commission had signed bilateral agreement/cooperation on securities dealings with membercountries of the International Organisation of Securities Commissions, IOSCO.
“Also, we intend to sign more bilateral cooperation with security agents across the world.So there will be no hiding place for any registered capital marketoperators who must have dupedinvestors and run away to other countries. We will get them through these security operatives once information about these people are sent to them.
*CBN Governor, Sanusi Lamido
“We will soon be having collaboration with the US Intelligence and Security Agencies as SEC Nigeria is a member of the IOSCO’s Africa/Middle-East Regional Committee. We would be collaborating with countries that are not even members of IOSCO to make sure we get rid offraudsters in our market.”
On the local scene, the SEC recently collaborated with the Nigeria Police to strengthen its enforcement unit.
At the inauguration ceremony ofthe 18-man team seconded to the Commission, Oteh said, the deployment of policemen to the Commission would help speedy resolution of cases involving market abuses, fraudulent disposal of investor assets, illegal fund management, wonder banks, insider dealings, corporate accounting fraud and share manipulation by capital market operators.
Commenting on the spate of Wonder Banks in the country, Director General of SEC, Arunma Oteh warned investors not to patronize non registered capital market operators in the execution of their investment needs.
According to her, “The Commission does not recognise non registered capital market operators that we don’t have their track record and may not be able to prosecute in case theygo against the rules and regulations guiding the capital market.
“Investors should patronize registered capital market operators that are duly registered by SEC, Nigerian StockExchange (NSE) and also are licensed by Institute of Chartered Stock Brokers (CIS). The SEC is the apex capital market whose primary role is to regulate and develop the market.
“It has responsibilities to protectinvestors and that is why we areadvising the investors to patronize registered capital market operators that we can easily apprehend whenever theydefraud investors or commit other malpractices. We have dragged some of them to Investment and Securities Tribunal (IST) so that they can bepunished for defrauding innocent investors.”