Investors should avoid investing through unregistered and unapproved firms, according to the Capital Markets Authority (CMA).
Investors should only invest through licensed and approved firms that provide and promote regulated products, according to CMA Chief Executive Wyckliffe Shamiah, in order to benefit from the Authority’s capital markets legislative and regulatory framework.
The regulator’s admonition comes at a time when investors are claiming that they have been unable to withdraw monies from a high yield fund years after investing in it.
Investing in unregulated goods supplied or promoted by unregistered and unapproved firms exposes investors to the danger of losing their money with no redress available under the capital markets regulatory framework.
“The Authority certifies that Cytonn Investments is not a licensed and approved entity,” Mr. Shamiah replied in response to repeated inquiries about the Cytonn Investment Group’s licensing status.
Those who have been affected are encouraged to contact the Capital Markets Fraud Investigation Unit (CMFIU), a police unit affiliated with CMA.
The response came after an uproar over a lady who allegedly lost money through a Cytonn hatched investment scheme.
