The Securities and Exchange Commission (SEC), on Thursday said it has lifted the December 21, 2016 suspension imposed on Heritage Capital Markets Limited together with its Directors and Sponsored Individuals on February 1.
They were suspended indefinitely for the unauthorized sale of shares belonging to an investor and refusal to comply with the commission’s directives on the issue.
Thursday’s lifting of the suspension therefore suggests that the matter against the Operator has been resolved as contained in the suspension order.
Meanwhile, the SEC also on Thursday, draw attention of the investing public to the Judgment of the Federal High Court Kaduna division of October 27, 2016, which handed down a five-year imprisonment term against one Moses Samanja the Managing Director of the Illegal Operator (Marian Moses Ventures Ltd).
The court also ordered the Corporate Affairs Commission (CAC) to company and funds in its accounts used to restitute its clients, for soliciting and collecting deposits from unsuspecting members of the public with unrealistic return on investment without a SEC registration or an operating licence from the Central Bank of Nigeria (CBN).
A statement by the commission said the warning to perpetrators of illegal investment schemes had become necessary because regulators will not “fold their arms” in the fight against the activities of illegal fund/investments managers.
The commission also urged the investing public to always demand for a SEC registration or CBN license before making deposit or subscribing to a scheme promoted by any firm.