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Nairaland Forum / Nairaland / General / Investment / SEC On Proliferation Of Unregistered Online Investment And Trading Platforms (22215 Views)
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Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by brandmix: 10:15pm On Apr 08, 2021 |
bjtinz: I swear down. Loosing confidence in NL by the day. How does purchasing apple stocks, EFT's, and other US stocks equate ponzi? You na dey ment for this platform ni?? 8 Likes 2 Shares |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by bigtt76(f): 10:18pm On Apr 08, 2021 |
True but these are no longer pyramid schemes rather the pooling of funds to invest in high value investments such as Treasury Bills and other commercial papers an individual cannot afford to invest in alone. Another area is the angel investments in startups hoping for the big break on exits. lkillbrokehoes: |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by brandmix: 10:20pm On Apr 08, 2021 |
studentofTruth: So the real question is what does on do? On one hand the US economy just took an upward turn, and the stock market is promising...on the other hand Nigerian govemt is closing in with a kiss of death as they do to all start ups 2 Likes 1 Share |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by studentofTruth: 10:29pm On Apr 08, 2021 |
brandmix: My brother, being a Nigerian feels like a curse sometimes, which is why I have promised my unborn child that he will never be condemned to the green passport alone. For an investor I think the first thing is to discuss with the management of the platform you are investing with to find out how the statement will affect them. The second thing might be to communicate directly with the US/UK broker that you are registered with — the platforms (Trove, Bamboo, and co) are proxies for foreign brokers. Hopefully, there will be a solution. 3 Likes |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by ezef2k4(m): 10:32pm On Apr 08, 2021 |
Chaka, Trove and Bamboo are CSCS certified for stocks listed in the NSE and they have foreign trade partners duly licensed for trade in foreign stocks. I do hope SEC backs down on this. Why is this country hell bent on producing poor citizens. #sighs# A quick response from Bamboo is attached. 3 Likes 1 Share
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Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Ikukuudo: 10:49pm On Apr 08, 2021 |
Please let person help me check piggy vest. How genuine are they? |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by holyfather(m): 11:02pm On Apr 08, 2021 |
This is how they killed MMM. NONSENSE! 3 Likes |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by deenee: 11:18pm On Apr 08, 2021 |
Someone7: How exactly are they trying to survive? By been greedy and putting their hard earned money in ponzi schemes where there is no underlying economic activity. Somebody is promising you 35% ROI on a monthly basis with no economic activity and y'all jump on it. If it was that easy, they won't be online trying to scam people. Our short cut mentality is the really we keep running round in circles with no meaningful development. Una never start. I hear somebody invested over 500m naira in one of the online schemes before it went bust, with the promise that they would be paid 40% ROI monthly and after 12 months, principal will be returned. That's a 480% ROI or N2.4 billion naira return in 1 year and this does not include principal. There is absolutely no business that can generate that kind of return in this prevailing economy. PROVERBS 21:20 I rest my case 1 Like |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Mrquote: 11:25pm On Apr 08, 2021 |
bjtinz:Am telling you, most people here don't read. 5 Likes 2 Shares |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by BareFacedLies(m): 11:36pm On Apr 08, 2021 |
lkillbrokehoes: What is the right thing that the SEC should do? Please tell us |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Elsueno: 11:39pm On Apr 08, 2021 |
ezef2k4: They want to frustrated them like the they did the crypto exchanges. It's like this country wants his citizens to remain progressively poor. it's really disappointing 5 Likes 1 Share |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by deenee: 12:00am On Apr 09, 2021 |
Mrquote: Yes alot didn't read as the announcement is targeted at the online investment platforms that allows Nigerians to trade and invest in US, Nigerian, and Chinese stocks online from the comfort of their mobile device. But also this presents a good opportunity to still create awareness about the online ponzi schemes too |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by deenee: 12:12am On Apr 09, 2021 |
ezef2k4: Point of correction, the trio of Trove, Chaka and Bamboo are not licensed capital market operators (CMO) and only act as intermediaries. This is why your NGN stock purchases are routed though a duly licensed stock broker and they charge you a fee for using their platform and share commission with their partners when you trade. For ease of simple analysis, they are like the ubiquitous POS agents we see all around that carry out banking transactions on behalf of banks for a fee but are not duly licensed. I think this will create an opportunity to even review the archaic SEC law to reflect the developments in the capital market. 2 Likes 1 Share |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Depressedkidd: 12:23am On Apr 09, 2021 |
JubrinElSudan:True this. When I started crypto I had just 15k. I had the knowledge but I didn't have the funds. I wanted to get some capital from some senior men I'd run errands for. But knowing that crypto market is very volatile I decided to do with my 15k. Now it's up to 28k. It's not big, but I decided to play the long game and HODL some coins for some months. Any losses or profits I make will be on me and I'll be at peace with it. I'm not panicking cos it's never too late to enter crypto. There'll always be new projects coming up. So if I get to 30k, I'll split my profits and buy other coins and keep going till I can diversify my portfolio as much as I can. 2 Likes |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by deenee: 12:24am On Apr 09, 2021 |
studentofTruth: While I think that the SEC pronouncement is ill-timed, I will also have to disagree with your comment. Not everything should be drawn along the lines of tribal sentiment or me vs them or we against the government/ruling class trajectory. The SEC has the primary duty to regulate the capital market and by so have every right to use the power in the Investment and Securities Act to act in this regard. For record, the era of pump and dump expired over 10-15 years ago on the NSE, secondly the NSE is mainly driven by activities of institutional investors and I can tell you for free that they prefer it that way for liquidity and control of ownership. Finally, even the foreign markets that we are all praising are fraught with fraud at even mind boggling levels. Go and read up on Gamestop and Bill Hwang of Arhegos Capital. 2 Likes |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by SweetiliciousD: 2:16am On Apr 09, 2021 |
chrisxxx: MBA, break it down bro. Online forex service provider....?? |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by ofiko123(m): 2:18am On Apr 09, 2021 |
SEC should totally be banned and eradicated in Nigeria....this will definitely help to improve the economy.... 5 Likes 1 Share |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by spicyshady: 3:39am On Apr 09, 2021 |
I was curious this afternoon after the rejection of selling off a particular stock from Bamboo. I had to write dem and this was the exact reply i got from Bamboo; saying its SEC fault, that i shouldn't be afraid, dey are on it and all is safe, ��� 1 Like 1 Share |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Aderupoko2: 4:27am On Apr 09, 2021 |
SEC and their backward thinking. When you won't list all quoted companies online or launch an app for Nigerians to trade in Nigerian Stocks. You still use Stockbrokers and moribund clearing house methods. The youths are tired of this paper and analogue thinking. 1 Like |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by timisquare82(m): 6:34am On Apr 09, 2021 |
lanre88:What's that? |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by lavylilly: 7:39am On Apr 09, 2021 |
Our attention has been drawn to the SEC circular that was recently issued. Please be aware that we are and will remain committed to being in compliance with all local laws and regulations. We have always maintained good standing with all existing compliance requirements and regulatory frameworks. Be rest assured that your funds and equities are safe and secure with Trove. Since the memorandum, we have been liaising with the SEC to get more clarity on the circular. We are also engaging with top level executives at our local partner brokers. Additionally, we have involved legal professionals to manage the on-going mediation. From all indications, we anticipate everything would be resolved. Kindly note that your US funds and equities are held in custody by Drivewealth LLC, a regulated broker dealer in the US and protected by the SIPC, for up to $500,000. You can continue your trading activities as normal as we are still fully capable of carrying out our responsibilities as usual. Be rest assured that we are on top of all the happenings and would actively communicate with you all as things progress. Thanks for all your support and confidence �� |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Pojomojo: 8:21am On Apr 09, 2021 |
This government is doing everything within it power to keep the masses poor. First cr.ypt.o, now this. Kudos! clap for yourself |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by ezef2k4(m): 8:28am On Apr 09, 2021 |
Thanks for this Deenee, If this is truly the case, then there is nothing to worry about then. deenee: |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by MonogramMaster(m): 8:40am On Apr 09, 2021 |
studentofTruth: |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by deenee: 9:06am On Apr 09, 2021 |
Aderupoko2: For clarity, the announcement is for trading in foreign stocks and not for NSE traded transactions and yes alot of the local stock brokers have trading apps where you can fund your accounts directly and trade remotely |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Nobody: 10:14am On Apr 09, 2021 |
deenee: Bro don't get your panties in a bunch. Not every investment or trading platform is a Ponzi scheme. I'm not trying to justify their actions either. I'm just saying with this administration's appalling Ease of Doing Business and corruption record, not every start up will go to the regulators to get registered. Proverbs 29:20 1 Like |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by Mrquote: 10:37am On Apr 09, 2021 |
deenee:Yes on ponzi issue, nevertheless people need to be properly informed |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by blueAgent(m): 10:56am On Apr 09, 2021 |
lkillbrokehoes: Do you know what is a pyramid scheme? |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by blueAgent(m): 11:00am On Apr 09, 2021 |
OjukuwuHusband: On point. Most reading do not have a clue about what is been said. Very useless clueless idiots called our government, they want to close every source through which people can break free from poverty. I repeat a useless and idiot government. 2 Likes 1 Share |
Re: SEC On Proliferation Of Unregistered Online Investment And Trading Platforms by blueAgent(m): 11:03am On Apr 09, 2021 |
Mrquote: Educated Illiterates. 1 Like |
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