4 Oct 2016

SEC cautions investors against Converged Dynamic International Limited

The Securities and Exchange Commission has cautioned investors in Nigeria against transacting business with Converged Dynamic International Limited allegedly engaging in illegal practice.
SEC, in a statement on Thursday, said that the company is an unregistered firm dealing in a product tagged “Resources Investment Account” offering interest rates in short and medium terms so as to lure the unsuspecting members of the public.
It said, “The Commission, hereby, notifies the investing public that the operation of this investment scheme is not registered by the Commission and has no tangible business model, hence it’s a Ponzi scheme.”
It stated that the operation is illegal because it is “a scheme where returns are paid from other people’s invested sum”.
“The general public is hereby advised to desist from investing in products marketed by the company.”

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