SEC Issues Warning About Forsman & Bodenforms, Cautions Investors

‎The Securities and Exchange Commission (SEC) on Monday issued a warning to the investing public regarding Forsman & Bodenforms Limited, stating that the company is not registered to operate in the capital market or to raise funds from the public.
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‎The SEC announced this on its website, noting that it had become aware of Forsman & Bodenforms Limited’s activities, particularly its promotion of services on social media platforms.
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‎The commission said: “ The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent.”
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‎”The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”
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‎The commission stated that initial investigations show Forsman & Bodenfors Ltd is being actively promoted on social media and online forums, and that its activities display common signs of a fraudulent Ponzi scheme.
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‎“The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.
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‎Consequently, the public is strongly advised to avoid any dealings with Forsman & Bodenfors Ltd or its representatives concerning business in the Nigerian capital market, as there is a significant risk of financial loss to the fraudulent operators behind the company.
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‎“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – http://www.sec.gov.ng/cmos, before transacting with them”.
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