Mounir Gwarzo, DG SEC

The Securities and Exchange Commission has again warned investors against another ponzi like financial scheme, tagged Converged Dynamic International Limited.

SEC, in a statement on Thursday warned that the company is an unregistered firm dealing in a product tagged “Resources Investment Account” offering interest rates in short and medium terms so as to lure the unsuspecting members of the public.

“The Commission, hereby, notifies the investing public that the operation of this investment scheme is not registered by the Commission and has no tangible business model, hence it’s a Ponzi scheme.”

SEC said the operation is illegal because it is “a scheme where returns are paid from other people’s invested sum”.

“The general public is hereby advised to desist from investing in products marketed by the company,” SEC warned.