The Securities and Exchange Commission (SEC) has filed charges against three Nigerian nationals for scamming investors out of $2.9 million. According to the SEC, the trio impersonated legitimate investment advisors and conning around 28 investors.
At the same time, the United States Attorney’s Office for the District of New Jersey has filed criminal charges against Chibuzo Augustine Onyeachonam, Stanley Chidubem Asiegbu, and Chukwuebuka Martin Nweke-Eze.
From 2019 until today, the SEC says that fraudsters posed as broker dealers or crypto platforms and promised monthly returns ranging from 15% to 25%. When investors sought to reclaim funds, the individuals demanded more money, “holding investor funds as ransom.”
Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement recommended caution by the investing public to be on alert when investing with someone who is soliciting investments through social media, “even if that person appears to be a financial industry professional.”
