The Securities and Exchange Commission (SEC) has disclosed that Alpha Trust Investment Club (ATIC) and its investment schemes are not registered or approved by the commission.
SEC said in a statement that the operations of the investment club were in contravention of the Investments and Securities Act 2007.
The statement read in part: “The attention of the Securities and Exchange Commission (“the Commission”), has been drawn to the activities of Alpha Trust Investment Club, an entity that is believed to be facilitating investment to the public.
“The Commission hereby notifies the investing public that Alpha Trust Investment Club and the investment schemes it is promoting are not registered/authorized by the Commission.
“Investment promoters and the general public are by this NOTICE warned that it is a serious contravention of the Investments and Securities Act 2007 for any person or entity to operate as an investment professional or carry on investment and securities business without prior registration with the Commission.”
The commission advised the general public to always verify the registration status of entities or the investment product(s) being promoted on the commission’s website before dealing with such individuals or organisations.
ATIC was co-founded by Aderemi Adeoye, a retired commissioner of police in June 2018
A group had petitioned Kayode Egbetokun, the inspector-general of police (IGP), to intervene in an alleged case of fraud and misappropriation by Adeoye, a former commissioner of police in Anambra State.
Adeoye was accused of operating a “Ponzi scheme” and misappropriating funds meant for investments in ATIC but he denied the allegation
