Chaka Tech in trouble with U.S. SEC for misleading investors

The US Securities and Exchange Commission has accused Chaka Technologies Limited, a digital and broker investment platform of misinforming investors in the United States.

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The commission in a document on Tuesday, listed Chaka and Citi Investment Capital among 58 unregistered entities using misleading information to solicit non-US investors.

Known to be a trading license holder of the Nigerian Exchange Group (NGX), the capital market authority, Chaka founded by Tosin Osibodu, offers Nigerian investors to invest in brokerage and investments facilitated by Citi Investment Capital Limited.

The U.S SEC periodically releases Public Alert: Unregistered Soliciting Entities (PAUSE) to prevent investors from falling victims to suspected fraudulent investment firms.

Firms on the PAUSE list are accused of providing inaccurate information about their affiliation, location, or registration, and under US securities laws, firms that solicit investors must register with the SEC.

Chaka and Citi Investment Capital were included in the list after several complaints from investors.

The document reads: “you should understand that the inclusion of a name on these lists does not mean that the SEC has concluded that a violation of the US securities laws has occurred or that the SEC has made any judgment about the merits of the securities being offered by these entities.”

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