BEWARE: Engaging In Ponzi scheme Attracts 5 Years Jail Term Or 1 Million Naira Fine Or Both

4 Pages Posted: 28 May 2020

See all articles by O. G. Chukkol

O. G. Chukkol

The Nigerian Law School, Lagos

Date Written: February 29, 2020

Abstract

The article examines the Legality of ponzi scheme which has become to rampant in the country. It argues that the scheme is illegal and any person who invests money on same will not legally be allowed to recover same. Owners of the business also risk five years jail term.

Keywords: MMM, Ponzi scheme, Racksterly, Securities and Exchange Commission, Banks and other Financial Institutions Act, Securities and Exchange Commission Act

JEL Classification: K39

Suggested Citation

Chukkol, Oliver Gift, BEWARE: Engaging In Ponzi scheme Attracts 5 Years Jail Term Or 1 Million Naira Fine Or Both (February 29, 2020). Available at SSRN: https://ssrn.com/abstract=3588923 or http://dx.doi.org/10.2139/ssrn.3588923

Oliver Gift Chukkol (Contact Author)

The Nigerian Law School, Lagos ( email )

Victoria Island, Lagos
The Nigerian Law School, Victoria Island, Lagos
Lagos, LA Lagos 056
Nigeria
2348032470318 (Phone)

HOME PAGE: http://https://www.linkedin.com/in/oliver-gift-chukkol

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