archiveponzi scheme

Federal prosecutors charged a San Francisco real estate investment manager with executing a Ponzi scheme that cost investors at least $46M.  Kenneth Mattson was scheduled for his first hearing Friday at the Phillip Burton Federal Building in San Francisco. Kenneth Mattson, the former CEO of LeFever Mattson, is charged with defrauding approximately 200 investors by selling fake ownership stakes into apartment properties that he partially owned. The scheme lasted from 2007 to 2024 before ultimately unraveling after he failed to find new investors.  “Mr. Mattson will now be held to...

President Bola Ahmed Tinubu has signed into law the Investments and Securities Act (ISA) 2024, which repealed the Investments and Securities Act No. 29 of 2007. The Securities and Exchange Commission, SEC, disclosed this in a statement on Saturday. The enactment of the ISA 2024 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian capital market. SEC explained that the landmark legislation would strengthen the legal framework of the Nigerian capital market, enhance investor protection, and introduce critical reforms to promote market integrity, transparency, and...