SEC blacklists “Mekanism” in fresh warning on online investment scam
In a notice issued on Monday, 16 February, the SEC said its action comes at a time when online investment scams are rising, with fraudsters using social media to pull people into schemes dressed up as legitimate investing.
Ghana’s Securities and Exchange Commission (SEC) has told the public to stay away from Mekanism Marketing Ltd, also known as “Mekanism”, saying the outfit is not licensed and is operating outside Ghana’s securities laws.
In a notice issued on Monday, 16 February, the SEC said its action comes at a time when online investment scams are rising, with fraudsters using social media to pull people into schemes dressed up as legitimate investing.
According to the SEC, Mekanism’s pitch is built around a task system labelled “Job 1” to “Job 10”, marketed through aggressive online adverts. The regulator said participants are encouraged to deposit money after being promised fixed daily returns that depend on how much they pay in at the start.
The SEC said the so-called jobs are unclear and poorly defined, and described the promised returns as unrealistic and not sustainable—features it said are commonly associated with Ponzi-style schemes, where new deposits are used to pay earlier participants.
The regulator said the company’s activities fall foul of Section 109 of the Securities Industry Act, 2016 (Act 929), which requires entities offering services like fund management or investment advice to be licensed.
It also flagged possible violations of the Companies Act, 2019 (Act 992), saying the scheme appears to be inviting the public to invest without meeting disclosure and registration rules.
The SEC warned that operating without approval exposes the public to serious financial loss, with no protection under the regulator’s safeguards.
The SEC said it is not only monitoring the matter but is working with law enforcement to trace the people behind the scheme. It added that breaches of Act 929 can attract administrative penalties and criminal prosecution.
The Commission urged the public to stick to its “Verify” message—checking the SEC’s official list of licensed operators before sending money to any investment platform.
It also cautioned that offers promising guaranteed daily returns should be treated as a major warning sign, especially when presented outside recognised banking and capital market products.
