BEWARE: Engaging In Ponzi scheme Attracts 5 Years Jail Term Or 1 Million Naira Fine Or Both
4 Pages Posted: 28 May 2020
Date Written: February 29, 2020
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: Suggested Citation