SEC Lifts 3-year Suspension on Falcon Securities

SEC Lifts 3-year Suspension on Falcon Securities

SEC Lifts 3-year Suspension on Falcon Securities

The Securities and Exchange Commission has lifted the suspension it placed on Falcon Securities Limited and its sponsored individuals three years ago. SEC said in a statement on its website that the suspension was lifted because the firm has resolved all issues that led to its suspension and has complied with the Commission’s directives.

SEC had in June, 2013, suspended of Falcon Securities Limited and its sponsored individuals from all capital market activities as an enforcement action for failing to respond to issues regarding the filing of its quarterly reports with the Commission.

The company was suspended for failing to attach the company’s schedule of investments marked to market and failure to report its investments in quoted securities at market value.

Also, the company was found guilty of reporting a false and misleading financial status of its 2012 annual reports, as well as complete erosion of the company’s shareholders’ funds as shown in its returns for the period ended December 31, 2012.

In line with its resolve to protect investors and rid the market of infractions, SEC recently suspended the Managing Director of BGL Plc, Mr. Albert Okumagba, his deputy, Chibundu Edozie from capital market activities for 20 years for infractions.

The Director General of SEC, Mounir Gwarzo recently visited the Inspector General of Police, Solomon Arase, and called for the collaboration to ensure that infractions are reduced, or completely eliminated from the capital market.

Gwarzo solicited the support of the IGP to enhance the ongoing co-operation between the police and the commission towards ensuring that laid down rules and procedures are adhered to in the capital market, and also ensure that perpetrators of fraudulent acts are brought to book appropriately.

He appreciated the police on the work they have been doing since the collaboration started and sought for more in areas of specialised discipline such as forensic investigation to enhance the operations of the capital market.

Arase assured the commission that the Nigerian Police under his leadership would do all that it could to assist the commission in ensuring that incidents of infractions within the capital market are brought to the barest minimum.

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