02.20.08

SEC probes 6 for unethical practices

Posted in In the news at 5:13 pm by bayo.o

“The Securities and Exchange Commission (SEC) has commenced investigation of the underlisted companies to ascertain any incidence of price manipulation aimed at ripping off investors. They are African Petroleum Plc (AP), Big Treat, Afrioil Plc, First Aluminium Plc, Capital Oil Plc, and IPWA Plc.,” Head, Media, SEC, Lanre Oloyi has revealed.

Some analysts and investors have long maintained that companies and paid brokers help drive certain stocks in the market, even when the fundamentals of such stocks are nonexistent. It is hoped that SEC will do a thorough job and unearth any company or broker involved in price manipulation, insider trading or some other unethical practices.

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