Gold Coast Fund Management now Black shield Fund Management has had its license revoked by the Securities and Exchange Commission (SEC).
The announcement was made in a statement by the Commission on Friday, November 7 in which it also stated that over 50 other Fund Management Companies have had their licenses revoked for various infractions.
Black Shield Fund Management, a sub – group of Groupe Nduom, has made headlines in recent times over continuous complaints from its customers about their inability to withdraw their investments.
Customers who had invested monies with the financial body have not been paid their dividends for several months now nor been able to withdraw their investments entirely.
The company, however, said it was working to pay back the monies.
Somewhere last month, the company came out that it could pay back the about 59,000 customers’ locked up monies by the year 2022.
It has indicated that it has been able to pay off just a few customers out of its 68,000 leaving 59,000 people who are yet to receive their invested monies.
The spokesperson for the company, Benjamin Afreh said that much efforts are been made by the company to raise money to pay off its clients.