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The Securities and Exchange Commission (SEC) has cautioned the public against transacting business with the investment firms, Golden Empire Legacy Limited and Loom.

Golden Empire Legacy Limited is said to be engaged in gold investments but according to SEC, the two institutions have not been licensed to operate in the capital market.

The Securities and Exchange Commission (SEC) has disclosed that it is investigating the operations of Golden Empire Legacy Limited which is involved in the trading of gold.

The Director General of the SEC, Daniel Ogbarmey Tetteh says the company has not been licensed by the outfit though it offers returns on investments to customers.

The operations of Golden Empire Legacy Limited and its association with gold trade comes almost a year into the debacle that hit the securities market following locked up investments with Menzgold Dealership company.

Mr Ogbarmey Tetteh further cautioned the general public to be wary of risks to their investments until the SEC completes its investigations.

“We have received some notice through the usual channels by which people notify us of these schemes and we will follow our usual due procedure in advising clients. But it is important for investors to always ask questions and one important question is to find out the underlying investment because when somebody promises a high return and further states that the return is guaranteed, it means that there is high risk involved,” he said.

According to information on the website of Golden Empire, Legacy Limited, the company has expertise in the export and import of gold, gold investment, mining services, smelting and assaying, financial services, jewellery, logistics, real estate development, hotel management, fashion and clothing line and merchandise.

The Chief Executive Officer (CEO) of the company is Joana Gyan.

Other Board members include; Benedict Kwesi Obeng, Ambassador Gladys Kudjoe, Emmanuel Kwabena Asante and Donald Emmanuel Manyo-Plange.