The Securities and Exchange Commission (SEC) has cautioned the public against Golden Empire Legacy and Loom as the regulator confirms they are unlicensed.
According to the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh, the public needs to be wary of such institutions to avoid being prey to scams.
He said, “We have received some notice from people through our channels by which people notify us of these schemes and we will follow due process to deal with the matter.”
He added that “it is important that investors should ask questions before they place their monies with these firms and one of the fundamental questions is that what is the underlying investments? Because if anyone promises you high returns it means that there are high risks and you are better advised to look for the exit.”
Last year, the Securities and Exchange Commission also warned the public about the operations of Menzgold. The commission, ordered the defunct gold trading firm to suspend their operations with the public with immediate effect before it was eventually closed down by EOCO in January 2019.