The Capital Markets Authority (CMA) has cautioned investors against investing through unapproved and unlicensed entities.

In a press release dated June 17, 2021, CMA Chief Executive, Wyckliffe Shamia advised investors to invest in legitimate entities that offer and promote regulated products.

This will keep them protected by the authority through the capital markets and regulatory framework.

Shamiah confirmed that Cytonn Investment Group is both unlicensed and unapproved.

He encouraged the investors who are affected by investing in unregulated products to report to the Capital Markets Fraud Investigation Unit (CMFIU).

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Cytonn Investments Managing Partner Edwin Dande. PHOTO/COURTESY

CMFIU is a police unit linked to the CMA that is currently investigating Cytonn High Yield Solutions (CHYS) about investor’s criminal violations.

Shamiah also advised investors to confirm the names of legitimate entities offering services in the capital markets industry from the CMA website.