The Securities and Exchange Commission (SEC) has cautioned the public against transacting business with the investment firms, Golden Empire Legacy Limited and Loom.
Golden Empire Legacy Limited is said to be engaged in gold investments but according to SEC, the two institutions have not been licensed to operate in the capital market.
Consequently, the SEC says the public needs to be cautious of such institutions.
The Director-General of SEC, Rev. Daniel Ogbarmey Tetteh, speaking in a radio interview with Accra based Citi FM on Tuesday said the commission has received a notification of the operations of Golden Empire and Loom and intends to deal with the issue as soon as possible.
“We have received some notifications at the usual channel by which people notify us of these scams. And we will follow our usual due process in advising clients,” he said.
He, therefore, called on all investors to always ask questions on what the underlining investment is before getting involved.
“But let me quickly say that it’s important for investors to always ask questions. One of the fundamental questions you should ask before you place your money with any firm is to find out what is the underlining investment,” he said.
He further advised investors to desist from investing in companies that promise high returns with a promise of it being guaranteed.