Forsman & Bodenfors Limited is Ponzi scheme, says SEC

Nigeria’s Securities and Exchange Commission (SEC) said its attention has been drawn to the activities of Forsman & Bodenfors Limited 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.”

According to the SEC in a July 14 notice, “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”.

SEC said “preliminary investigations reveal that Forsman & Bodenfors Limited has been actively promoted on social media platforms and online forums. Its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme”.

“The Commission hereby informs the public that Forsman & Bodenfors Limited is not registered by the Commission nor authorised to solicit funds from the public or to operate in any capacity in the Nigerian capital market.

“Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Limited or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high”, the SEC said.

“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – www.sec.gov.ng/cmos, before transacting with them, ” SEC added.