SEC boss shares “tell-tale” signs to identifying investment scams
The SEC boss says people fail to ask questions when investing because they do not want to exhibit ignorance but says there is a need to ask questions before investing in any entity
Rev Daniel Ogbarmey Tetteh, the director general of the Securities and Exchange Commission (SEC) has been sharing tell-tale signs to enable individuals to identify an investment scam.
Speaking with Kwaku Nhyira-Addo on the Asaase Breakfast Show on Monday (17 January), Rev. Ogbarmey Tetteh said, “Anytime someone promises you a high return; a mouth-watering return, a return that will make your head spin and says to you that the return or product is safe, there’s no risk associated with it, look for the exit because that definitely is a scam.”
“Because it doesn’t work, the principle is the higher the return the higher the risk. So anytime someone is saying the return is high but there’s no risk, it’s clearly a sign that it’s a scam and you should quickly make a bee line to the exit to save yourself from any heartache down the downline,” he added.
“Secondly, when it comes to investing or finance it’s what we call a regulated activity so before you deal with anyone who is offering any product you need to ask yourself: Is this entity duly licensed? Is this entity under the regulation of any of the regulators?
Watch the video below:
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