The Securities and Exchange Commission (SEC) has restated its determination to go after illegal fund managers in the country and ensure they are made to face the full wrath of the law. Acting Director-General of the SEC, Ms Mary Uduk, who stated this in an interview with journalists in Abuja at the weekend, said what the commission had done apart from continuing to educate people, is to also go after the promoters of these schemes. She said, \u201cWe are stepping up our enforcement mechanisms to ensure that they are apprehended and their offices sealed off. So many of them are being prosecuted in courts, we have secured convictions for some, and we have closed down so many. \u201cWe verify ownership and return monies collected by them to the owners. It\u2019s a problem around the world and we can tackle the problem by educating the public, telling them the right investments to make and the right places to put in their money.\u201d Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organisation, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources. Ms Uduk, however, advised the investing public to be wary of any investment that is proposing return levels that are unreasonably high and advised investors to ensure that the fund managers and the products they are offering are registered with the commission. \u201cSo, when people come to you and say that you can invest N50,000 today and in 2 hours, you will get N200,000 tomorrow or get 50 percent in 2 hours know that it\u2019s is a lie. \u201cNo legal investment that pays investment that way. So, what they must likely be doing is using your money to pay someone else and using someone\u2019s money to pay you. It\u2019s is important that we don\u2019t engage in such investments. \u201cThese fraudsters or promoters of Ponzi schemes are the false prophets of the investment environment; they are the ill wind that blows no good and at whose sight you must flee. They are to be avoided. This is one message you must take home to family, friends, relations and acquaintances in order to save them from the agony of loss of their hard-earned money,\u201d the SEC chief said. According to Ms Uduk, such ventures have no tangible business model, as returns would be paid from other peoples\u2019 invested funds, making it a fraudulent investing scam. The SEC boss, who restated the commission\u2019s resolve to make the capital market more user-friendly to boost investors\u2019 participation in the market, said the agency had been doing a lot in terms of education to increase investors\u2019 knowledge of the capital market and enable them make informed investment decisions. \u201cThere are new investible products in the Nigerian capital market. We have a lot of ethical funds. One of the safest areas to invest in is in mutual funds, and collective investment schemes and we encourage Nigerians to be part of these and others. \u201cThe purpose is also to ensure that you do not fall victim to the antics of fraudsters who purport to be able to double any amount of money you make available to them as investment value,\u201d she said. Besides, Ms Uduk stated that the SEC\u2019s effort to migrate all shareholders to an e-dividend regime is to eradicate or reduce to the barest minimum the incidence of unclaimed dividend. \u201cUnclaimed dividend is an undesirable feature of the Nigerian capital market, which denies investors\/shareholders the gains of participating in the capital market. It denies the economy access to the huge amount of money that should have accrued to shareholders and would have gone into circulation to oil the wheel of the economy. \u201cIt is a consequence of the bottlenecks that are inherent in the erstwhile paper dividend warrant regime such as postal system inefficiency, change in investors\u2019 addresses, poor fidelity and human fallibility in dividend payment processes, amongst others,\u201d she noted. According to her, \u201cThere is gain in investing in the capital market and that is why we keep imploring investors to register for e-dividend and regularise their multiple Subscriptions so that they can benefit from their investments\u201d.