The Securities and Exchange Commission is warning the public against dealing with a Finnish Based Company, WISELING Online Investment.

According to the capital market regulator, the said firm, is not licensed and its operations can be likened to a Ponzi scheme.

It is therefore advising the public to first check from its website firms licensed by the regulator before going ahead to do business with any of them.

In a statement, the SEC said, “one of the core functions of the SEC is to maintain surveillance over activities in the securities industry and to protect investors by publishing at regular intervals information to the public to inform their investment decisions.”

“The General Public is hereby put on notice that WISELING ONLINE INVESTMENT COMPANY, a Finnish-based company operating in Ghana has not been licensed by the Securities and Exchange Commission (SEC) to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929)”, it added.

It therefore cautioned investors investing in unlicensed products, adding “the general and investing Public is further advised to consult the SEC through its toll-free line number 0800100065 or main line number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market.”

The SEC reassured all market operators, investors, and the general public that it is dedicated to ensuring rigorous implementation of all the rules for operators in the capital market to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

This Public Interest Warning is issued pursuant to Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929).