The Securities and Exchange Commission (SEC) has issued a strong warning to the public over the increasing number of suspected fraudulent investment schemes—often branded as “money doubling” programs—being promoted on some television stations nationwide.

In a public notice, the Commission highlighted that these schemes typically promise unusually high returns with little to no risk, a red flag commonly associated with fraudulent operations aimed at deceiving unsuspecting investors.

The SEC stressed that none of the schemes currently being advertised have been approved, authorised, or licensed by the Commission.

It has therefore advised the public to exercise caution and refrain from engaging with any investment products or services offered by unlicensed operators.

The Commission also cautioned individuals and groups promoting these schemes, noting that their activities violate Section 144(1) of the Securities Industry Act, as amended, and Section 294(1)(b) of the Companies Act. These provisions prohibit public invitations or advertisements related to securities without the required licensing or clearance from the SEC.

To safeguard themselves, members of the public are encouraged to verify the licensing status of any investment firm or promoter by contacting the SEC’s toll-free line at 0800100065, its office numbers at 0302 768 970–2, or by emailing [email protected].

Although several entities have already been identified for engaging in these deceptive advertisements, the Commission said details will be released in due course.

The SEC reiterated its commitment to protecting investors and ensuring a fair, transparent, and well-regulated securities market.