Securities Commission bldg
The Securities Commission recently cautioned the public on the sharp increase of clone firm scams this year.
The capital market regulator said these scams are perpetuated by companies that fraudulently impersonate a legitimate entity, including misusing the name and logo of a public listed company (PLC) to dupe investors and to solicit funds.
These clone firms, it said, would offer non-existent investment opportunities including in the shares of these PLCs, promising unrealistically high returns within a short span of time.
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