The Security and Exchange Commission (SEC) has indicated its preparedness to withdraw licenses of the troubled investment firms if it is established that they failed to comply with the required industry laws. Deputy Director General of the Commission, Paul Ababio told JoyBusiness they need to exhaust all the necessary processes before any action can be taken.
This notwithstanding, Mr Ababio maintains everything would be done in protecting the interest of the investing public. “We are exploring all the options available to us as at this point; one to ensure a resolution of these issues, and also to protect investors’ interest in the long run as well. So we are doing our best to manage the situation,” he said.
Last week, SEC announced that it has put 10 investment firms under investigations over breaches of the investment laws and complaints from the investing public.
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