Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators - page 4.

CryptSafe

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

Quote from: Churchillvv on November 21, 2024, 02:17:15 PM

Of course it's a good move but we usually have issues of comprise in this country and that is a very big challenge to the SEC.

This proposal if passed to bill successfully, the same issues of comprise that happens with the EFCC will definitely be the challenge of the bill because in this nation it seems that there are some people who are above the law and when caught with issues relatable because of their personality and family backgrounds cases are swept under the carpets but the ordinary man suffers the law.

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.

This bill if successful would help save the Nigeria crypto community from being labeled scammers. Anyone who does set up such crypto ponzi scheme should go in for it. It is time the rich also dance to the tone of music they play for the masses and know how it feels to rip investors and do away with it that nobody would question them. The era of such nonsense is abruptly coming to an end but the truth is that there should not be a compromise amongst ranks to making sure justice is served to whomever commits such an offense.

The #20m fine is too small for the kind of scheme they pull with such event. They do that in dollar and fine for naira which we all know the exchange value. Maybe they should step up the game so that those pulling such scheme would not think of it or they stand to face a big risk that they would never be in a haste to forget so quickly for scamming the masses. If it were the US, the punishment would be far higher than this.

Son Of Blockchain (SOB)

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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.

Of course this is a very good news for crypto enthusiasts, atleast the victims of those crypto ponzi would get their justice finally, but the I don't trust these so called law makers cause they favour the high class citizens and serve justice to poor citizens that go against laws, this is something that's been normalized to a while and I doubt if a senator or one of those ponzi celebrities would face the law if they go against it.
Imagine arresting Davido or any top celebrities that go against that law, atleast Davido is a culprit and if they're really serious with it they should start by persecuting him or refund his victims money. However do you think they'll jail him for 10years, I doubt and my though is that it would scale through but the rich would go scot-free only the poor and some middle class would suffer the consequences of going against that law.

Amphenomenon

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Hope Jeremiah 17vs7

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

Quote from: Churchillvv on November 21, 2024, 02:17:15 PM

Of course it's a good move but we usually have issues of comprise in this country and that is a very big challenge to the SEC.

This proposal if passed to bill successfully, the same issues of comprise that happens with the EFCC will definitely be the challenge of the bill because in this nation it seems that there are some people who are above the law and when caught with issues relatable because of their personality and family backgrounds cases are swept under the carpets but the ordinary man suffers the law.

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.

I think majority of the masses will support this bill but my issues here is that some of these celebs might be able to bribe their way out instead of actually serving the 10 years jail terms. We saw the whole allegations when Very Darkman review the truth about Bobrisky not spending up to 6 months in prison, I wonder how they will handle big names like Davido in such aspects who will be able to pay amount that will make the prison sentence possibly slides or reduce to months and enjoy good prison.

Anyway corruption is inevitable but this bill after it has been accepted will reduce the chances of this happening and many big names will have to think if this scam really worth it, especially in comparison to how much they will spend to get out from the law.

I_Anime

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I will say this is a nice initiative, because is getting too much, most of these celebrities easily get away with their deed due to their money and fame. Alot of people have gotten themselves rekt because of all these Ponzi scheme especially the ones done by celebrities, due to the fact that most of them are well known celebrities, most folks easily trust them and invest in anything they are promoting and endup with disappointment.

Now and days Any coin own by any celebrities , I don't even think of investing my money in it because of the previous experience folks has experienced from their projects, I just hope that they will use fairness in this stuff , because most folks are literally kinda above the law they can easily have their way .

Antotena

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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'm not sure how fast the senate house are quick to pass bill when it doesn't involves were they will have their own share, they just approved Tinubu bills to borrow 2.2 billion to strengthen our reserves, you can see how quick those guys are in favour of things to their king but wouldn't fasten anything at the interests of Nigeria. I hope this doesn't get in the trash because I will like to see many of our celebraties call to order with their foolishness to promote brands for quick money.

There is this particular brand that has existed when MMM came to Nigeria, it's Ractsterli, the Ponzi scheme died together when Ponzi schemes were exposed that time but Davido advertised that company again to his fans and followers and they exited quickly yet nothing was done about it. Just because you are celebrity doesn't mean you have to be heartless to mislead people, it need to stop. If this bill is passed and approved, it will cripple the trend of Ponzi scheme in Nigeria completely including the once people do lowkey and banks doesn't help people recover their money.

Igebotz

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Quote from: Churchillvv on November 21, 2024, 02:17:15 PM

Of course it's a good move but we usually have issues of comprise in this country and that is a very big challenge to the SEC.

This proposal if passed to bill successfully, the same issues of comprise that happens with the EFCC will definitely be the challenge of the bill because in this nation it seems that there are some people who are above the law and when caught with issues relatable because of their personality and family backgrounds cases are swept under the carpets but the ordinary man suffers the law.

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.

Churchillvv

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Eloncoin.org - Mars, here we come!

Of course it's a good move but we usually have issues of comprise in this country and that is a very big challenge to the SEC.

This proposal if passed to bill successfully, the same issues of comprise that happens with the EFCC will definitely be the challenge of the bill because in this nation it seems that there are some people who are above the law and when caught with issues relatable because of their personality and family backgrounds cases are swept under the carpets but the ordinary man suffers the law.

The target in my opinion would not long be on the big names who steal huge amounts but on the ordinary citizens who carries out crypto related transactions and AFAIK the other instructions by CBN to investigate crypto related transactions has not been ruled out yet hence the poor masses might be the once to face this new rules that is about to be implemented.

For the bill to scale through it will have to be presented in the senate house and if one third of the senators agrees to the bill then it will stand but if the opposite happens then the bill will only remain a bill and not law/regulations yet and might die off as time goes on.

Igebotz

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The Naija & BSFL Sherrif 📛

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.

Topic: Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators - page 4. (Read 737 times)