The Securities and Exchange Commission has started verifying claims of 4,160 unpaid investors of the illegal investment scheme organised by Dantata Success and Profitable Company.

SEC had in February sealed off the premises of Dantata Success and Profitable Company in Kano for engaging in illegal capital market activities, saying its investment operations fell within fund management without registration with the commission


It said the company was not registered and that it was using a strategy to solicit funds from unsuspecting members of the public by enticing them with returns of monthly interest on investment of between 25 to 50 per cent, depending on the nature and type of the investment.

The company sold forms to prospective investors according to their investment plans ranging from N1,000 to N3,000, with the minimum amount investable being N50,000 and a maximum amount of N5m.

SEC had first indicated its plans to commence a verification exercise for people who invested with the company in May.

The commission on Monday released a schedule for the verification exercise in a statement, which indicated July 15, 2019 as the commencement date.

The exercise is scheduled to end on July 20, with 4,160 investors undergoing verification.

SEC said investors were required to go along with the original receipts evidencing their payments or bank tellers for deposit into the company’s account, valid means of identification and bank account details.

It said the commencement of the verification exercise was sequel to the appointment of joint administrators/trustees for Dantata Success and Profitable Company and in pursuant to section 13 and 173 of the Investment and Securities Act, and consequent to an Ex parte Order granted by the Federal High Court, Kano.

A total of 478 investors were scheduled for Monday, 780 for Tuesday, 1,272 for Wednesday and Thursday, and 1,630 for Friday and Saturday.


SEC said, “The verification exercise will hold in Kano from 9:00am to 4:00pm daily. All unpaid investors are necessarily advised to attend in person as attendance by proxy is not acceptable.”

https://www.akelicious.net/2019/07/ponzi-scheme-sec-begins-verification-of.html

please keep me updated

Bet9ja Virtual is the worst ponzi Scheme our there.
The government should do something about it soon

What about the victims of MMM and other simliar schemes?

kayusely70:
What about the victims of MMM and other simliar schemes?

Greedy people always fall for scam. So it serves them right.

SEC, you guys shouldn't worry because Nigerians do not heed to advice.

Any Ponzi scheme that comes out, they will put head

After what MMM did.
Its obvious many have not learnt their lesson s

Next please

citruslimited:
After what MMM did.
Its obvious many have not learnt their lesson s

It is an addiction.

Hahahaha. Nigerian MMM. Why dem come use dantata name? Possibly to sell the scheme easily

Lemme say this house



Ponzi can never leave Nigeria...why??

1.we are greedy
2.we like awoof
3.no job

/
It is not a coincidence that about 99% of Nigerians lack financial education. Ask an average, educated Nigerian to define money and you get a dictionary definition of money.

It is fun to stand in awe and watch. What is money? The answer is not as easy as it seems.

/

Even the NORTH forming anything that has to do with interest is HARAM is now king of ponzi. They even have the gut to open an office. Imagine the total of money collected from such number of people.

the poverty in the land and APC govt led by illiterate buhari is the cause of all our problem

So aboki too dey scared people., i tot they are saint or only base in terrorist

kayusely70:
What about the victims of MMM and other simliar schemes?

they had no physical or resgisted company

What of Nospetco oil and gas?

kayusely70:
What about the victims of MMM and other simliar schemes?

Did they fill any form? Where is MMM office so they can do the same?

What happened to the one they investigated in 2007, Sec and NDIC are another scam and Ponzi scheme on their own. They are just using government to cover up their atrocities.

Before they invest, they knew the consequence, so why worry about them?

kayusely70:
What about the victims of MMM and other simliar schemes?

If you can point us to the MMM office where they collected your money then maybe we can help you.

InvertedHammer:
/
It is not a coincidence that about 99% of Nigerians lack financial education. Ask an average, educated Nigerian to define money and you get a dictionary definition of money.

It is fun to stand in awe and watch. What is money? The answer is not as easy as it seems.

/

Can you tell us? Briefly, what is money?

tiwiex:

Did they fill any form? Where is MMM office so they can do the same?

SEC has no business with MMM, not even CBN

Bet9jaVirtual:
Bet9ja Virtual is the worst ponzi Scheme our there.
The government should do something about it soon

Explain pls

Please do anyone know exquisite givers?

post=80309033:
Wealth Solution, Success Wealth, MMM comes to mind.......

Nigerians don suffer sha!

I lost all my savings as an undergraduate including a large chunk of project money my dad gave me to that particular wealth solution over 10 years ago. Ever since then, I've known better than to invest into shady schemes with ridiculously high returns. It so much baffles me how Nigerians still let these scams thrive despite getting burnt several times. Something must be fundamentally wrong with the average Nigerian.

dominique:


I lost all my savings as an undergraduate including a large chunk of project money my dad gave me to that particular wealth solution over 10 years ago. Ever since then, I've known better than to invest into shady schemes with ridiculously high returns. It so much baffles me how Nigerians still let these scams thrive despite getting burnt several times. Something must be fundamentally wrong with the average Nigerian.

You are 100% right with the bolded sis.
Imagine someone still telling us just 3 weeks ago to invest around 2Million into the refurbished MMM, or how she take call am sef!
That she already invested #500,000 into it!

An average Nigerian will always fall for these kind of scams.
And it is caused by nothing but GREEDINESS!