New bill proposes N20m fine, jail terms for Ponzi operators

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From Adanna Nnamani, Abuja

In a bid to ensure that illegal fund managers are not allowed to fleece unsuspecting Nigerians of their hard-earned funds, the Securities and Exchange Commission says it is introducing an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes.

According to a statement by the Commission, these and others are contained in the Investments and…

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