The Securities and Exchange Commission (SEC) has withdrawn the licenses of 53 fund management companies with effect from Friday, November 8, 2019.
The SEC said the affected companies failed to return client funds which remained locked up in, contravention of the investment rules.
“Essentially, they have failed to perform their functions efficiently, honestly and fairly and in some cases are in continuing breach of the requirements under relevant securities laws, rules or conditions, despite opportunities provided to them by the SEC within a reasonable period of time to resolve all regulatory breaches,” a statement issued by SEC on Friday said.
The companies include All Time Capital, Blackshield Capital Management (formerly Gold Coast Fund Management), Frontline Capital Advisors, Unisecurities Limited and Ideal Capital Partners.
Below is the full list of companies
All-Time Capital Partners Limited
Alpha Cap Securities Limited
Axe Capital Advisors Limited
Apex Capital Partners
Beige Capital Limited
Blackshield Capital Management (formerly Gold Coast Fund Management )
Brooks Asset Management Limited
Cambridge Capital Advisors Limited
Canal Capital Limited
Corporate Hills Investment Ltd.
Dowjays Investment Limited
EM Capital Limited
Energy Investments Limited
Fromfrom Capital Limited
Frontline Capital Advisors Limited
FirstBanc Financial Services Limited
Galaxy Capital Limited
Gold Rock Capital Management Limited
Goldstreet Fund Management Limited
Global Investments Bankers Limited
Heritage Securities Limited
Ideal Capital Partners Limited
Integrity Fund Management Limited
Intermarket Asset Management Ltd
Kripa Capital Ltd.
Kron Capital Limited
Legacy Financial Services
Liberty Asset Management Limited
Kamag Kapital Limited
Mak Asset Management Limited
Man Capital Partners Limited
Mec-Ellis Investment(Ghana) Limited
McOttley Capital Limited
Monarch Capital Limited
Mutual Integrity Assets Management Limited
Nesst Capital Limited
Nickel Keynesbury Limited
Nordea Capital Limited
Omega Capital Limited
Procap Finance Company Limited
QFS Securities Limied
SGL Royal Kapita Limited
Sirius Capital Limited
Strategic Hedge Capital Limited
Standard Securities Limited
Supreme Trust Capital Limited
Tikowrie Capital Ltd.
Universal Capital Management
Ultimate Trust Fund Management Ltd.
Utrak Capital Management Limited
Wealth Vision Financial Services Limited
Weston Capital Limited
VOLUNTARY CESSATION COMPANY STATUS EFFECTIVE DATE
HFC Capital Partners Limited
Attai Capital Limited
Serengeti Capital Limited
Indigo Investment Management Limited
Verit Investment Advisory Limited
Below is a copy of the statement the SEC issued to announce the revocation