An alleged illegal fund manager, Avenues to Wealth Limited’s office premises was Tuesday sealed off by the Securities and Exchange Commission (SEC), after several months of complaints by subscriber to the fund. It took a combined team of both plain and uniformed police officers from both the commission and the Oduduwa Police Command Headquarters in Ikeja, to seal off the fund manager’s office, which is located within the serene Olufunmilola Okikolu Street, off Toyin Street Ikeja, Lagos. Assistant Director, Enforcement and Compliance, SEC and leader of the enforcement team, Mr. Benard Ebe, said the commission had in the last three months being inundated with series of complaints of fraud from investors in the fund manager’s scheme, noting that to guide against other people falling victim, the commission had to move swiftly. He said that for any entity to engage in any manner of fund management, such organisation must as duty and process of law, register its operations with the commission, insisting that “anything short of that would amount to illegal operations and which is another form of a Ponzi Scheme.”

SOURCE- THISDAY NEWSPAPER,PAGE 46

Many people were involved, there are many ponzi schemes in Nigeria including one that is powered by the russians.

OP, this happened almost one year ago and they have since resumed operation. Seriously, what is your motive for recycling a year old news?