The Securities and Exchange Commission (SEC) has cautioned the public against investing in a Finland-based company operating in Ghana, Wiseling Online Investment Company.
SEC says it has not licensed the company to carry out any Capital Market activity including investing or trading for returns as mandated by Section 3 of the Securities Industry Act, 2016 (Act 929).
Wiseling promises its investors varying daily returns based on how much they invest.
It also claims to offer rewards to investors for any new member they refer to the company.
The company’s many promotional materials say it works with professional traders, financial analysts among others to analyze the market flow and make enough money to return to investors as profits.
There is evidence that the company, at least in 2020 held various events to introduce its operations to some interested Ghanaians.
“WISELING ONLINE INVESTMENT COMPANY is therefore not regulated by the SEC. The General Public is advised to be cautious with investing in unlicensed products. The General and investing Public is further advised to consult the SEC through its toll-free line number 0800100065 or mainline number 0302768970-2 to confirm the licensing status of any firm offering products or services relating to investments in the Capital Market,” SEC said in a statement.
Wiseling becomes the second company illegally engaged in capital market activities after CHY Mall which SEC has warned the public against.