SEC Lifts Ban on Falcon Securities

Falcon Securities

This is a good news to the company concerned. The Securities and Exchange Commission, SEC has lifted the ban placed on Falcon Securities Limited.

Before the ban, Falcon Securities Limited was registered as a capital market operator. In a statement released by the SEC:

The Securities and Exchange Commission hereby notify the investing public that the suspension placed on Falcon Securities Ltd and its Sponsored Individuals has been lifted.

The aforementioned suspension was lifted as a result of the firm resolving all issues that led to its suspension as well as compliance with the Commission’s directives.

The lifting of suspension takes effect from June 10, 2016.

The SEC had taken a hardline posture towards capital markets operators who breach the market rules and regulations. It could be recalled that the SEC had banned BGL Securities and its sponsored individuals after the SEC found the company guilty in a series of complaints filed by investors who could not get their money and promised earnings.

Albert Okumagba, BGL’s CEO and other executives were banned from capital markets activities by the SEC for 20 years. They also, to refund a total of NGN 2.9 billion to investors (individuals and institutional investors) who BGL could not refund their monies.

 

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