The Securities and Exchange Commission (SEC) must treat customers of the collapsed Fund Management Companies with respect during this time of the COVID-19 outbreak, one of the customers of the now defunct Gold Coast Fund Management Company, Mr K. K Bonsu, has said
He said the SEC is treating the customers with disrespect by not communicating to them measures that are being taken to retrieve their lock-up investment.
In a tweet, Mr Bonsu said : “the continuous silence of SEC is disrespectful. We are treated as 3rd class citizens as if customers of Gold coast fund management were drug peddlers. We demand information now @konkrumah @SECGhana @OgbarmeyTetteh”
Meanwhile the Director of Operations at the Dalex Finance, Mr Joe Jackson has asked the SEC to address the concern of these customers.
He said : “SEC does owe the customers of the failed fund managers communicate on the way forward. Even if it is to say that nothing much is available.”
On Friday, November 8, 2019, the SEC revoked the licenses of 53 fund management companies with effect from Friday, November 8, 2019.
The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.
“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” a statement issued by SEC on Friday said.
The companies include All Time Capital, Blackshield Capital Management (formerly Gold Coast Fund Management), Frontline Capital Advisors, Unisecurities Limited and Ideal Capital Partners.
Since then, customers of these Fund Managers have appealed to the SEC to help the retrieve their investments.