The Securities and Exchange Commission (SEC) has cautioned Nigerians against engaging with Forsman & Bodenfors Ltd, a company it described as operating illegally within the capital market.
In a public notice issued on its website, the Commission clarified that the entity is not registered to solicit funds or conduct investment business in Nigeria.
According to the SEC, Forsman & Bodenfors Ltd, also referred to as F&B, is falsely presented by its promoters as the Nigerian affiliate of a legitimate Swedish advertising firm. The commission noted that these promoters have been leveraging social media to market the firm, promising unsuspecting Nigerians employment in exchange for recruiting others and making various payments.
“The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment… for recruiting more members who are lured to pay various sums of money,” the Commission stated, adding that these tactics mirror those used in typical Ponzi schemes.
Preliminary investigations revealed that F&B’s operations bear strong hallmarks of financial fraud. The SEC warned that the risk of monetary loss to individuals who interact with the firm or its representatives is “very high.”
To avoid falling victim to such scams, the Commission urged the public to confirm the legitimacy of any investment platform through its online portal at www.sec.gov.ng/cmos before making financial commitments.
Leave a comment