The Securities and Exchange Commission (SEC) has put together a taskforce and a dedicated investigative team to actively deal with fraudulent online schemes in the country.

According to SEC, the initiative is part of measures instituted to deal with increasing online scams, depriving people of their hard-earned monies.

The Director General of the SEC, Rev. Daniel Ogbarmey Tetteh disclosed the news on PM Express Business Edition with host George Wiafe on September 12, 2024.

He added that a Securities Fraud Committee has also been set up with the help of other regulators in the digital space.

“Most of the fraudulent activities are online based. That is why the SEC is also working with the National Communications Authority to deal with the challenge in that space”, he said.  

Rev. Tetteh disclosed that some culprits have been arrested with the help of SEC.

“These persons have been picked up. They have already been reported to the various security agencies for the necessary action to be taken against them”, he assured.

Empowering investors

Outlining some proactive measures taken by SEC, Rev. Tetteh said education has been intensified to help investors detect fraudulent schemes.

“We believe that a well-informed investor is about half of the problem solved when it comes to dealing with all the market challenges”.

He pledged to make the SEC accessible to all investors and the general public seeking information.

“They can also visit our website for the list of all licensed firms and also reach out to us through the SEC’s toll free lines for the necessary assistance”.

He stated that the SEC has also tightened its regulations to boost market confidence among investors.

“We have also rolled out a programme called with Time with the Securities and Exchange Commission and that is getting some positive reviews when it comes to educating the public on our workings”.

Restoring market confidence

Rev. Tetteh said the SEC has moved to a risk-based supervision of the Securities and Capital Market space to help improve supervision going forward.

“One of the surest ways of restoring market confidence, is to let all the players know that the laws and regulations are being enforced. We are also working to demystify the capital and securities market to aid confidence in the industry”

Rev. Tetteh revealed that data shows the market is picking up from the domestic debt exchange programme.