SEC uncovers another suspected illegal investment platform Tofro

SEC uncovers another suspected illegal investment platform Tofro

The Securities and Exchange Commission (SEC) has uncovered another suspected illegal investment platform identified as TOFRO.COM (Tofro).

The Cmmission raised the alarm in a notice issued yesterday and made available to newsmen.

The Commission warned Nigerians against falling for their tactics to obtain money from them through the promise of unusually high returns.

SEC said the suspected investment platform holds itself out as a crypto-currency trading platform, adding that such an investment scheme is not registered by the Commission.

It said that based on its investigations, Tofro’s operations exhibit the typical indicators of a fraudulent Ponzi scheme.

According to SEC, it promises of unusually high returns, heavy reliance on a referral system to sustain payouts, and failure to honour withdrawal requests from subscribers.

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SEC, however, strongly advised Nigerians to be wary about investing with Tofro, noting that any person who places such investment with the entity does so at their own risk.

The Commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them.

The SEC Director-General, Emomotimi Agama, had said Nigerians need to understand the dangers of putting their hard-earned money into ventures not registered or regulated by the SEC.

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