SEC Seeks N20m Fine, 10-Year Jail Term for Ponzi Scheme Operators

The bill proposes that promoters and operators of any entity engaged in a prohibited scheme are liable upon conviction to a penalty of not less than N20,000,000 or imprisonment for a term of 10 years, or both.

A Ponzi scheme is an investment scam that pays early investors with money taken from later investors to create an illusion of big profits