Investment Scams: I lost my investment too – SEC boss reveals

The Director General of Securities & Exchange Commission (SEC), Rev. Dr. Daniel Ogbarmey-Tetteh, has disclosed that he once lost his money to an investment company.

He said he was once a victim of failed investment after his money got locked up with a financial firm.

Although he refused to give out the name of the firm, he said he lost his money shortly after investing in the policy.

“I wouldn’t want to mention the organization but I put some money in some company and after a week or so it fell flat. I just have to lick my wounds and move on,” Dr. Ogbarmey-Tetteh told Accra-based Starr FM.

He said Ghanaians must familiarise themselves with the rules of SEC before signing up with any investment firm.

He advised investors to make sure that the firms they are investing with are well licensed and regulated to operate in the country.

“When there is a big juicy package from an agency then there is a higher risk so our commission was to inform and create awareness that was why we issued several notice to the public,” he said.

“One should be interested in the corporate governance of the organization, interested whether it’s been licensed or not and details underlying their operation. Regulated business should play along some rules and regulation and that one has to familiarize itself with these rules on our website or approach SEC if you are in doubt or send us email as some people has done.”

The SEC boss added that “if an agency promises you higher returns but low risk, look for the exit doors.”

Touching on the issue of cryptocurrencies, Dr.Ogbarmey-Tetteh said: “One of these days, SEC will issue a notice on cryptocurrency. The laws of the country do not recognize cryptocurrency as currency or not. Globally, there are no rules regularizing cryptocurrency.

“We want to assure the investors that regulation is being setup by the commission to ensure the players in the industries are doing the right thing.”