The Securities and Exchange Commission has cautioned the public against doing business with Voya Investment Management, an online investment platform.

According to the SEC, the firm operates through the website investmemts.voya.com.

In a notice issued on Wednesday, the commission stated that Voya’s claims of being licensed or regulated by the SEC are false and misleading.

“The operators of this platform claim to offer investment services in Nigerian stocks and other financial instruments purportedly under the supervision of the Commission.

“Voya Investment Management is also parading a certificate of identity verification purportedly issued by the Commission.

“The Commission hereby informs the public that Voya Investment Management (VIM) is NOT REGISTERED or licensed by the Commission to carry out any activity in the Nigerian capital market.

“The certificate being paraded by Voya Investment Management was neither issued nor endorsed by the SEC, Nigeria as the Commission does not issue certificates of identity verification.

“Furthermore, claims by VIM that it is supervised, licensed, or approved by the Commission to undertake operations in the capital market are false, misleading and fraudulent,” the commission said.

The SEC said complaints about VIM’s activities suggest the company is running an illegal investment scheme that could defraud unsuspecting members of the public, particularly by making false claims of regulatory approval.

“Accordingly, the public is advised to refrain from dealing with Voya Investment Management (VIM), as any person who engages with the entity or its representatives does so at his/her own risk,” the commission stressed.

The SEC also advised investors to confirm the registration status of companies on its portal at www.sec.gov.ng/cmos before investing, warning that dealing with unregistered entities carries significant financial risks, including fraud and possible loss of funds.