The Public Is Strongly Advised To Be Wary About Investing With PWAN/PWAN MAX—SEC

<h4>The Public Is Strongly Advised To Be Wary About Investing With PWAN<&sol;h4>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a> <&sol;strong>reports that the Securities and Exchange Commission &lpar;SEC&rpar; has alerted the public on the activities of Property World Africa Network &lpar;PWAN&rpar;&comma; which holds itself out as a real estate investment company and solicits funds from the public for investment purposes through PWAN MAX&period;<&sol;p>&NewLine;<p>In a statement on Tuesday&comma; the SEC said PWAN&sol;PWAN MAX are not registered either to solicit investments from the public or operate in any other capacity within the Nigerian capital market&period;<&sol;p>&NewLine;<p>The SEC said investigations revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme&comma; including the promise of unusually high returns and failure to honour withdrawal requests from subscribers&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;Accordingly&comma; the public is strongly advised to be wary about investing with PWAN&sol;PWAN MAX&comma; as any person who places such <a href&equals;"https&colon;&sol;&sol;guardian&period;ng&sol;">investment<&sol;a> with these entities&comma; does so at his&sol;her own risk&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the commission’s dedicated portal&colon; www&period;sec&period;gov&period;ng&sol;cmos before transacting with them&comma;” the SEC said&period;<&sol;p>&NewLine;<p><em>Source&colon; The Guardian<&sol;em><&sol;p>&NewLine;