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Tag Archives: ponzi scheme

SEC orders closure of unlicensed investment companies


The Securities and Exchange Commission (SEC) has issued a strong warning asking all unlicensed financial investment schemes to close down their operations or risk facing the law. The Commission is cautioning that the activities of such entities pose a threat to the financial sector which need to be stopped. The SEC says the unlicensed institutions are able to lure the ...

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Bitcoins, Altcoins, Ponzi Schemes (Article)


Virtual Currency: An unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible Virtual Currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not all virtual currency is convertible. ...

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BoG sanitizes microfinance sector by ‘naming & shaming’


The Bank of Ghana’s decision to name and caution the public from doing business with all institutions operating illegally as microfinance companies should culminate in sanitizing the sector. At least this is the optimism by the Ghana Association of Microfinance Companies (GAMC). The Association is also confident the move will restore confidence in the industry. Reports of people losing their investments ...

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BoG cautions public against online scheme ‘MONIDOUBLA’

bog microfinance

The Bank of Ghana has cautioned the public to stay away from doing any business with the online financial scheme; MONIDOUBLA. The said entity’s operations involve mobilizing funds and making payments to its community members via mobile money platforms. The central bank in a statement copied to Citi Business News on Thursday said that MONIDOUBLA is not licensed to engage ...

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BoG warns against doing business with MMM

bog microfinance

The Bank of Ghana (BoG) has cautioned the public against doing business with ponzi scheme, MMM. The caution comes after calls on the Central bank to halt the operation of the company following concerns over its credibility. It is not clear whether the Bank of Ghana (BoG) has stepped in to halt their operations as they are mostly done in ...

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