Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators

Josefjix

sr. member

Activity: 1288

Merit: 305

yes

Quote from: Smartvirus on December 11, 2024, 02:59:03 PM

The thing here be say, watin person no know big pass them. Na watin Dey worry most of our people be that, especially those of them way no Dey this forum. Them Dey far from truth as possible with limited knowledge on which is which coin or token to invest in or not.
Most of them no know the difference between security and utility token.
Armed with this knowledge, people way Dey create pump and dump coin Dey use am exploit our people. With their influence as celebrities having large followers, you go find people stepping in, in their numbers to express support and fandom.
Watin con be fandom when na you them Dey use make money and you get nothing…

Na nice step by FG to criminalize these behaviors by public figures.

Like the fact that Davido was exposed not only by Nigerians but also by Westerners who were duped by his pump and dump token, and now every time he drops a link or asks fans to register for tickets, you will see some strange comments like "do not click the link," "do you want to scam us again," "link directed me to my wallet," and all sorry for the negative comments.

He felt rugging his fans was the best thing to do, not realizing how unified Nigerians can be when they want to cancel someone. If the bill become law, I hope they begin investigating those celebrities' past involvement.

Smartvirus

legendary

Activity: 1666

Merit: 1158

The thing here be say, watin person no know big pass them. Na watin Dey worry most of our people be that, especially those of them way no Dey this forum. Them Dey far from truth as possible with limited knowledge on which is which coin or token to invest in or not.
Most of them no know the difference between security and utility token.
Armed with this knowledge, people way Dey create pump and dump coin Dey use am exploit our people. With their influence as celebrities having large followers, you go find people stepping in, in their numbers to express support and fandom.
Watin con be fandom when na you them Dey use make money and you get nothing…

Na nice step by FG to criminalize these behaviors by public figures.

Roseline492

sr. member

Activity: 518

Merit: 288

Quote from: Richbased on December 10, 2024, 02:07:52 PM

Quote from: Igebotz on November 30, 2024, 02:18:13 PM

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

I know that in the sight of the law, someone who stole huge amount of money receives more punishment than the one who stole little amount regardless of whom their victim is, but looking at it more deeply, they both deserves equal punishments because if that person who stole a little amount of money has the opportunity to steal huge amount, he will gladly do it without fear.

You are right but on this case the bone of contention is not on that because what we are actually looking at is the harm most person that stole a smaller amounts had caused than the person who stole big amount just like Igebotz mentioned, however if perhaps you were actually the judge and they brought a case of two criminals that one person stole a little amount but the victim could not survive because of what the money meant to him, while the second person stole a bigger amount and the victim is fine who would you give the highest sentence?, actually the question is not to justify the person his victim is alive but is just to show that the level and seriousness they would take the criminal that has dead victim will be a little bit different from the other person.

Hatchy

sr. member

Activity: 336

Merit: 365

The Alliance Of Bitcointalk Translators - ENG>PID

Quote from: Igebotz on November 21, 2024, 02:46:39 PM

If the new bills is passed, the SEC will be able to arrest and persecute anyone involved now, unlike the usual " do not invest" announcement they usually posts when Ponzi scheme is around cause they have no jurisdiction to persecute anyone, but with this new bill alot is going to change. A 10 years Jail term or option fine of 20m should be enough for Davido, Sabinus, Brainjotter and co from another pump and dump projects.

The rules have always been for the poor, but the rich are not always lucky. Sometimes they are persecuted.

Can such people actually be arrested? Let's not forget that In Nigeria, money speaks for you. I remembered when davido launched his obo coin back then and everyone was rushing to invest as they were fans of davido. The coin pumped massively over night due to the population of his fans not just in Nigeria but all over the world that had shows interest in his token. When he dump happened, some complained, but no one really filed a complaint against him that he did scam his fans of their funds.

So yea even if such bills are passed into law, there are many Nigerians who are above the law. They might be said to have been persecuted but who really knows if it's true? Once such person pays a huge amount of funds to the officials in charge, their cases will be closed and a big lie will be passed across to the public so to make them calm..

TEBTC

jr. member

Activity: 98

Merit: 0

Quote from: Igebotz on November 21, 2024, 01:55:10 PM

Earlier this year, some celebrities and prominent personalities launched pump and dump token, Ponzi schemes to defraud their followers and other innocent Nigerians, taking advantage of the country's current economic circumstances to steal millions of Naira from investors to fund their lavish lifestyle. The Nigerian Securities and Exchange Commission has proposed a bill to the Senate that would require convicted Ponzi scheme operators to serve a 10-year jail sentence and pay N20 million. This is a courageous step to protect our crypto space and further stop tarnish the reputation of the crypto community in Nigeria.

https://www.google.com/amp/s/nairametrics.com/2024/11/18/nigerian-crypto-industry-endorses-bill-proposal-to-jail-ponzi-operators/%3famp=1

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

This is a right call in the right direction concerning Ponzi scheme operators who are in the habit of defrauding innocent Nigerian all in the name of crypto currency investment it will serve as a lesson to those who have plans of going into fraud, am in total support of the move as allot of people has brought bad name to the crypto world in Nigeria

Richbased

sr. member

Activity: 420

Merit: 253

Quote from: Igebotz on November 30, 2024, 02:18:13 PM

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

I know that in the sight of the law, someone who stole huge amount of money receives more punishment than the one who stole little amount regardless of whom their victim is, but looking at it more deeply, they both deserves equal punishments because if that person who stole a little amount of money has the opportunity to steal huge amount, he will gladly do it without fear. The only difference there is just that the both of them didn't steal from same person or steal equal amount of money. Perhaps, the one that stole small amount of money from someone who don't have enough money can graduate from stealing small amounts to a bigger level and becomes a nuisance to the public.

CryptSafe

sr. member

Activity: 728

Merit: 421

Quote from: Igebotz on November 30, 2024, 02:18:13 PM

Quote from: DubemIfedigbo001 on November 22, 2024, 11:37:32 PM

Buddy you and I know that this is just another propaganda to make the Nigerian SEC look proactive in the sight of the public and feeling a sense of action towards the disheartening menace ousted by these web2 and web3 exploiters, If I read correctly, this bill was passed under the former president administration and it was not adopted and now it is being passed again under an even worse administration, what is the guarantee that it would even be adopted, and if it is finally adopted, what is the guarantee that it would be enforced on the big players?

Both of us know very well that these laws are just for the newbies in the industry and not in any way going to indict the big players, a clear-cut example is

In most cases, the gravity of the crime is more important than the amount involved. For example, if you scam someone for N100 and cause them to commit suicide or lose their livelihood, you're more likely to spend your life in prison than if you scam someone for N10 million and don't cost them their life

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

I believe in the eyes of the law, such act is a crime and an offense punishable by law but however, one would be judged with sympathy from the judge of the law court depending on the gravity of the crime while the other might likely face a harsh judgement for being so cruel and wicked and with a tougher punishment to say but in all, the law sees them as offenders and punishable for the crime they have committed and it is left for the law court judge to take its course on them for justice to prevail.

Igebotz

staff

Activity: 1316

Merit: 1610

The Naija & BSFL Sherrif 📛

Quote from: DubemIfedigbo001 on November 22, 2024, 11:37:32 PM

Buddy you and I know that this is just another propaganda to make the Nigerian SEC look proactive in the sight of the public and feeling a sense of action towards the disheartening menace ousted by these web2 and web3 exploiters, If I read correctly, this bill was passed under the former president administration and it was not adopted and now it is being passed again under an even worse administration, what is the guarantee that it would even be adopted, and if it is finally adopted, what is the guarantee that it would be enforced on the big players?

Both of us know very well that these laws are just for the newbies in the industry and not in any way going to indict the big players, a clear-cut example is

In most cases, the gravity of the crime is more important than the amount involved. For example, if you scam someone for N100 and cause them to commit suicide or lose their livelihood, you're more likely to spend your life in prison than if you scam someone for N10 million and don't cost them their life

Now, which of these crooks deserves tougher punishment: someone who took N1 million from someone with N100 million or someone who stole N20k from someone with only N21k in their account?

Josefjix

sr. member

Activity: 1288

Merit: 305

yes

Quote from: Lida93 on November 25, 2024, 11:45:06 AM

Okay. First of this is a welcome development in the crypto ecosystem in Nigeria as I understand that this bill is not going to deter or reduce crypto scam schemes but will also encouraged more crypto investors into the market.

Unfortunately, Nigeria is known for its attractive laws but lacking in implementation according to the letter especially when it has to do with influential and wealthy personalities getting to fault the laws. You see a situation where a scammer scams the community of #100 million scam but is told to pay back #20 million as fine option.

I think the laws against crypto scammers would need to be given a different approach from other conventional laws and it should be strictly applied to send a strong message intending scammers and also make potential investors feel some sense of security within the space too.

The law doesn't care much about the fine but being convicted of a crime is enough damage on your reputation already and it destroys every hope of you ruling the country or occupying important political offices. It also go as far as not allowing you to visit some certain countries as some countries do not allow convicted felony into their countries or offer any job for them.

You do not expect someone that stole 2 billion to cough out the same amount, being convicted of the crime is enough judgement.

Oshio-man

member

Activity: 182

Merit: 24

OrangeFren.com

Quote from: Igebotz on November 21, 2024, 01:55:10 PM

Earlier this year, some celebrities and prominent personalities launched pump and dump token, Ponzi schemes to defraud their followers and other innocent Nigerians, taking advantage of the country's current economic circumstances to steal millions of Naira from investors to fund their lavish lifestyle. The Nigerian Securities and Exchange Commission has proposed a bill to the Senate that would require convicted Ponzi scheme operators to serve a 10-year jail sentence and pay N20 million. This is a courageous step to protect our crypto space and further stop tarnish the reputation of the crypto community in Nigeria.

https://www.google.com/amp/s/nairametrics.com/2024/11/18/nigerian-crypto-industry-endorses-bill-proposal-to-jail-ponzi-operators/%3famp=1

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

There is something I notice about our representatives in d government house, anything that will not favour dem, it will be difficult for dem to approve it for citizens to enjoy, if u look at those people forming celebrities in d country, u will no that dey are children of d people in d government position or dey have influence to d highest authority in d country which dey will never allow such law to hold their children or relatives to spend some years in prison, I nearly fall victim to that scam token dey launched, hoping it will bring good name to naija celebrities if people make income from d token, but it cause people to loss millionaires and those naija celebrities that used that token to scam people go free without d invitation of EFCC, and Senate house, if house of representatives and Senate house can approve d proposes to protect d image of crypto and their users, I think it will make many people to no d important of crypto.

Mpamaegbu

legendary

Activity: 2716

Merit: 1225

Once a man, twice a child!

Na nice way to go be dat. I hope the National Assembly will speed it up and make it stand. At least all those scammers as celebrities go begin exercise caution because dem go sabi sey na prison dem dey play wit if dem ever try am. D things wey David, Sabinus, Brainjotter and many crypto influencers like dat one on SM who calls himself the most influential crypto person in Africa living large in Dubai, nor good at all. Imagine how loved those celebrities were (I'm sure that trust and love have been badly damaged now) but they played on the ignorance of their fans. Na David first try am last bull run and as there was no repercussions na im make more celebrities join am dis bull season. If this isn't checkmated, more will join sooner than we expect it.

Tungbulu

full member

Activity: 182

Merit: 131

RATING:⭐⭐⭐⭐⭐

Quote from: DubemIfedigbo001 on November 22, 2024, 11:37:32 PM

while only the immediate past CBN governor Emefiele stole billions in the naira redesign policy and is living large while the case against him is as good as dead. Justice in Nigeria is compromised and the less influential are made to face the law while we keep seeing big players being above the law and escaping justice from time to time and there is no guarantee that this law being vetted now would clamp down top musicians or influencers or even politicians who already has influence in the government and bring them to justice.

Only those who are not from this country would be expecting justice to take its course because we all know that there's nothing like justice in this country, we've got laws but those laws are only applicable to poor masses, the less imfluencial and the financial derailed, and if for any reason you choose to take laws into your own hands, they make an example outta you and others use your case to learn.

Just few months ago, a video of a so called senator was trending all over social media where he literally harassed a citizen of the country and clearly stated that no one in the country had the power to oppose him, not even the IGP or anyone in the country, and what happened? The matter was swept under the carpet and truly, no one did anything about it. I'm pretty sure if this unapologetic attitude was portrayed by an ordinary citizen, he'd be rotting in jail now. The government has absolutely no regard for humanity, they only care about their selfish interests and nothing more.

Coyster

legendary

Activity: 2184

Merit: 1302

Playbet.io - Crypto Casino and Sportsbook

Quote from: Igebotz on November 25, 2024, 06:10:29 AM

Never seen anyone in Nigeria sentenced to jail for Internet fraud without an option of fine and the fines are always within 100k- 200k. Internet fraud cases are not as strict as other financial crimes cases like tax evasion and money laundering.

I no dey too follow many cases of internet fraud in our country, but i think say e go dey based on the amount of money wey the internet fraudster steal and how much (both in cash and properties) was forfeited when arrested. Anytime wey dem convict internet fraudster, dem dey seize their properties, so i believe say that wan follow for why dem dey get light sentencing. Money laundering on its own na bigger offense than internet fraud, i no really know much about the penalties for tax evasion in Nigeria.

?

Activity: -

Merit: -

In as much as SEC newly proposed bill to the senate sounds interesting especially as it is channeled to put an end to Ponzi scam in Nigeria, we all know that if successful, will only be applicable to the poor masses. The main culprits will continue fearlessly as "they are above the law".

The senate on the other hand, will not even take it seriously because they are not benefiting anything directly from it, whilst the authorities responsible for punishing offenders will only see it as an opportunity to collect bribe.

GiftedMAN

hero member

Activity: 1022

Merit: 625

Watch&Pray.

Quote from: Franctoshi on November 23, 2024, 03:30:01 PM

Quote from: Igebotz on November 21, 2024, 01:55:10 PM

Earlier this year, some celebrities and prominent personalities launched pump and dump token, Ponzi schemes to defraud their followers and other innocent Nigerians, taking advantage of the country's current economic circumstances to steal millions of Naira from investors to fund their lavish lifestyle. The Nigerian Securities and Exchange Commission has proposed a bill to the Senate that would require convicted Ponzi scheme operators to serve a 10-year jail sentence and pay N20 million. This is a courageous step to protect our crypto space and further stop tarnish the reputation of the crypto community in Nigeria.

https://www.google.com/amp/s/nairametrics.com/2024/11/18/nigerian-crypto-industry-endorses-bill-proposal-to-jail-ponzi-operators/%3famp=1

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

I became worried when I saw this trend gradually scaling up, because this would have painted Bitcoin and crypto Business in Nigeria so badly if this trend had continued, and where it would have given birth to many different scams, and where this may lead to clear reason for the agency in charge to now place permanent ban on crypto transactions in Nigeria. I could recall one big name celebrity that got involved in this scam coin, this celebrity don't in any way have the suffering masses at heart, they're only concerned about how they would enrich their pockets, But thanks to the SEC for doing their job by swinging into action when it was supposed. This is the sole reason for that commission.

I acknowledge the actions taken by the SEC at least it will put an end to the series of scam that has been done by the celebrities in the country, the trend was going to affect crypto traders in the country and Bitcoin investors would have been affected more because when ever you talk about cryptocurrency in the country Bitcoin will always be mentioned in the mouth of the people because most of them only know Bitcoin as the only cryptocurrency.

As the cryptocurrency scam which more than two celebrities has promoted and used to scam people, I'm expecting the SEC to also implement laws against promotion of other fake news by the celebrities because millions of Nigerians has been scammed as a result of what the celebrities promote.

Lida93

hero member

Activity: 980

Merit: 621

Leading Crypto Sports Betting & Casino Platform

Quote from: Igebotz on November 21, 2024, 01:55:10 PM

Earlier this year, some celebrities and prominent personalities launched pump and dump token, Ponzi schemes to defraud their followers and other innocent Nigerians, taking advantage of the country's current economic circumstances to steal millions of Naira from investors to fund their lavish lifestyle. The Nigerian Securities and Exchange Commission has proposed a bill to the Senate that would require convicted Ponzi scheme operators to serve a 10-year jail sentence and pay N20 million. This is a courageous step to protect our crypto space and further stop tarnish the reputation of the crypto community in Nigeria.

https://www.google.com/amp/s/nairametrics.com/2024/11/18/nigerian-crypto-industry-endorses-bill-proposal-to-jail-ponzi-operators/%3famp=1

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

Okay. First of this is a welcome development in the crypto ecosystem in Nigeria as I understand that this bill is not going to deter or reduce crypto scam schemes but will also encouraged more crypto investors into the market.

Unfortunately, Nigeria is known for its attractive laws but lacking in implementation according to the letter especially when it has to do with influential and wealthy personalities getting to fault the laws. You see a situation where a scammer scams the community of #100 million scam but is told to pay back #20 million as fine option.

I think the laws against crypto scammers would need to be given a different approach from other conventional laws and it should be strictly applied to send a strong message intending scammers and also make potential investors feel some sense of security within the space too.

Igebotz

staff

Activity: 1316

Merit: 1610

The Naija & BSFL Sherrif 📛

Quote from: Coyster on November 24, 2024, 01:32:50 AM

This story no dey as people think am, many people no dey like read the full story before drawing their conclusion. Yes dem been sentence this student to 14 years imprison, but with an option to pay a fine of N200,000. We know say him go pay the fine, he was charged with 7 counts, so the judge give am 2 years on each count, but with the option of fine.

Never seen anyone in Nigeria sentenced to jail for Internet fraud without an option of fine and the fines are always within 100k- 200k. Internet fraud cases are not as strict as other financial crimes cases like tax evasion and money laundering.

Quote from: Asiska02 on November 24, 2024, 03:32:53 PM

I can’t recall that a bill like this was passed under the Buhari government but since we can’t see the impact of it and can see a rise in the number of Ponzi scheme in Nigeria today, that means that bill was never implemented

This is the same bill, it was never implemented under the last administrator

laijsica

full member

Activity: 322

Merit: 194

Quote from: Franctoshi on November 23, 2024, 03:30:01 PM

Quote from: Igebotz on November 21, 2024, 01:55:10 PM

Earlier this year, some celebrities and prominent personalities launched pump and dump token, Ponzi schemes to defraud their followers and other innocent Nigerians, taking advantage of the country's current economic circumstances to steal millions of Naira from investors to fund their lavish lifestyle. The Nigerian Securities and Exchange Commission has proposed a bill to the Senate that would require convicted Ponzi scheme operators to serve a 10-year jail sentence and pay N20 million. This is a courageous step to protect our crypto space and further stop tarnish the reputation of the crypto community in Nigeria.

https://www.google.com/amp/s/nairametrics.com/2024/11/18/nigerian-crypto-industry-endorses-bill-proposal-to-jail-ponzi-operators/%3famp=1

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

I became worried when I saw this trend gradually scaling up, because this would have painted Bitcoin and crypto Business in Nigeria so badly if this trend had continued, and where it would have given birth to many different scams, and where this may lead to clear reason for the agency in charge to now place permanent ban on crypto transactions in Nigeria. I could recall one big name celebrity that got involved in this scam coin, this celebrity don't in any way have the suffering masses at heart, they're only concerned about how they would enrich their pockets, But thanks to the SEC for doing their job by swinging into action when it was supposed. This is the sole reason for that commission.

Some scammers are using celebrities' pictures to commit fraud on various token or gambling sites. If celebrities are involved in token fraud, they should be punished. Sometimes, if fraudsters have launched Ponzi schemes by using their pictures or videos, it should be investigated and innocent people should not be punished. Many prominent people on social media use pictures or AI videos to promote various tokens or crypto currencies and create inspiration among ordinary people and fall into the trap of fraud by investing. Social awareness is needed to protect your funds from the eye-catching ads spread on social media and you have a responsibility to keep the people around you aware of this.

Yes, the celebrity you are talking about is involved in this and this should be known to the crypto people in Nigeria and he is not sorry now. Enacting the bill introduced in the Senate soon to bring guilty ponzi scheme operators to justice could help prevent future crypto-related crimes.

Justbillywitt

sr. member

Activity: 476

Merit: 435

This is a good move from the sec. I think the bill will pull through and will not be abandoned, because the politicians are not benefiting directly from the crypto Ponzi schemes that are perpetuated by these so called celebrities. You and I know the political class of this country very well, anything that's not benefiting them directly, they will make sure they bring it down. So I strongly believe that this bill will pull through and won't be abandoned. If this country can be coming up with meaningful bills as this one, I think we are heading on the right track. Because I wonder why the so called celebrities will lunch a coin just to defraud their loyal fans. But the problem is even if they sentence a celebrity for lunching a Ponzi crypto scheme, and the person is convicted. With the level of corruption in this country will the celebrity serve the jail term? Well let them do it for doing sake, at least it will reduce the influx of crypto Ponzi scheme in the country.

Asiska02

hero member

Activity: 1008

Merit: 702

Quote from: Igebotz on November 21, 2024, 01:55:10 PM

What do you guys think about the new bill proposal? Will it scale through or abandoned just like the old proposed bill under Buhari Govemment.

I can’t recall that a bill like this was passed under the Buhari government but since we can’t see the impact of it and can see a rise in the number of Ponzi scheme in Nigeria today, that means that bill was never implemented. I really like this bold move taken by this administration to clamp down on this Ponzi schemes that celebrities are using as clickbait to lure their followers and those newbies into crypto space by scamming them of large amount of money. This is to say that the Nigerian government is aware of their scandals and how they earn money from people through this means.

They are actually tarnishing the image of cryptocurrency and any newbie that got into the space through this means and are scammed off their money, they may never trust or have anything to do with cryptocurrency because they’ll term it as an illegal or Ponzi scheme that people make money from which in the real sense it is never it. The Nigerian government have sent a big warning and it’ll go through to them, the influencers to think twice if they’re ever trying to do something like this again as it’s now a new trend for them. I hope the bill gets implemented and action is taken immediately on those found wanting of it.

Topic: Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators (Read 737 times)