(http://www.channelstv.com/home/wp-content/uploads/2013/04/SEC.jpg)The Securities and Exchange Commission (SEC) has suspended Vision Trust and Investment Limited, a stockbroker, and its sponsored individuals from all capital market activities. (http://www.channelstv.com/home/wp-content/uploads/2013/04/SEC.jpg) (http://www.channelstv.com/home/wp-content/uploads/2013/04/SEC.jpg)The suspension is as a result of the operator's sale of 131, 868 and 44, 400 units of UBA PLC shares belonging to the estate of Animashaun Anjorin without mandate. According to a report posted on the regulator's website, the operator was given several opportunities to restore the shares it sold without mandate and upon failure to do so, the operator was suspended from all capital market activities along with its sponsored individuals. Meanwhile Aims Asset Management Limited has also been suspended for non-refund of the sum of N300,000 deposited by an investor under a portfolio investment agreement. The investor deposited the sum of N300,000 with the operator under a portfolio investment agreement for a tenor of 3 years. At the expiration of the period and despite several demands, the operator failed to pay the investor her invested sum and the returns therein. Investigation on the matter revealed that the operator invested the investor's money in the shares of Tetrazzini Foods Limited, a private company whose shares are not traded on the floor of the Nigerian Stock Exchange and which is not regulated by the commission. This according to SEC is contrary to the portfolio investment agreement between the operator and the investor. According to the commission, it had on several occasions directed the operator to resolve the matter, but that has not been done, as a result of this it is been suspended from all capital market activities.
Via: ChannelsTV