Translate To All Languages

Menzgold saga: Amanda Clinton sues SEC, EOCO, BoG and AG for negligence

  The Head of Chambers at Clinton Consultancy, Ms Amanda Akuokor Clinton, has filed a civil claim this week seeking GHS 11,402.000.00 for 28...


The Head of Chambers at Clinton Consultancy, Ms Amanda Akuokor Clinton, has filed a civil claim this week seeking GHS 11,402.000.00 for 28 of her Menzgold clients.

The claim is against the Security and Exchange Commission (SEC), the Economic and Organised Crime Office (EOCO), Bank of Ghana (BoG) and Attorney General’s Department in relation to the Menzgold saga.

Summary of Ms Clinton’s court filing:

· In summary, the filing appears to suggest that by the government departments’ conduct, they created a danger to the general public since Menzgold Ghana Ltd and Brew Marketing were not crucially shut down within the 1st year of operation, they were shut down 5 years later.

· Given the fact that typical ponzi schemes attract more customers, who over time invest larger sums of money, government departments are trained to recognize that the longer a Ponzi scheme runs, the more credibility and reputation builds around a particular brand. The court filing, therefore, suggests that government department should have legally shut down the operation earlier so as to prevent customers from investing in the last 2 years of Menzgold’s operation since warnings were not enough. The filing also highlights the department's mandate and control which attracts to it a duty of care.

· It will be interesting to see what the court determines in this case especially in view of the fact that the Minister of Finance, Ken Ofori-Atta, highlighted last year that the customers were ‘greedy’ customers who fell outside a category the government can compensate since the customers invested in an unregulated company. A surprising conclusion by the Minister of Finance given his extensive financial training in the U.S with some academic knowledge gained in relation to white-collar crimes and their execution. White-collar crimes often use long-term strategies to attract and therefore agencies should have detected the ruses earlier so as to prevent more financial loss to the later investors who were plentiful and invested more.

· Vice-President of Ghana, Mahamudu Bawumia, recently acknowledged that the customers were warned as to the nature of Menzgold being ‘419.’ If government officials knew Menzgold was ‘419’ whilst in operation, they had a duty to quickly shut down what was so obviously ‘419’ in the public interest and to prevent more customers and losses; mere government warnings were not enough.

Highlights of Ms Akuokor Clinton’s civil filing against government

(And earlier Notice to the AG’s department)

Claim for specific damages due to the fact that:-

(1) Although the Government of Ghana had shut down Nana Appiah Mensah, his sister Benedicta Appiah and wife Rose Tetteh’s similar type companies (Menzbank and Menzbanc) very quickly; they took the unusual and negligent step of leaving Menzgold Ghana Ltd and Brew Marketing open for 5 years

(2) Had government departments undertaken even the most basic Due Diligence assessment on the directors of both Menzgold and Brew Marketing (a family-owned enterprise) they would have realised the history and propensity of the directors to commit similar type financial offences and the habitual pattern the directors had in terms of setting up Ponzi type companies. Perhaps highlighted even more by the 20+ criminal charges each director is currently facing in court.

(3) Despite astronomical domestic and international bank transfers as well as large cash deposits into Menzgold Ghana Ltd and Brew Marketing (locally and internationally) by an unprecedented amount of customers (particularly in the 3rd 4th and 5th year of operation); no government institution shut down this obvious and blatant criminal Ponzi scheme for 5 years and warnings were not enough. This is despite the fact that Menzgold and Brew Marketing was taking in more money than the average bank in Ghana on a daily basis in the last 2 years of operation.

(4) Government departments didn’t follow their own internal policies when it comes to these type of schemes. Neither did they actively work together in a coherent and efficient fashion in order to shut down the criminal enterprise earlier. Current internal government policies include the listed guidelines stated below for what they should look out for when detecting Ponzi schemes:

A. Unreasonable and unrealistic high returns- if it is too good to be true, then be highly suspicious

B. Is it above the norm in traditional banking setting?

C. Overly constant returns

D. Is the product registered or approved by the regulatory agencies e.g. BoG, SEC, NIC, NPRA

E. Is the firm licensed by any of the financial regulatory agencies? – BoG, SEC, NIC, NPRA

F. Are the regulators aware of the firm or investment product? G. Is it easy to understand the product?

H. They often use complex strategies to confuse victims

I. Complex and fairly new investment products e.g. Cryptocurrencies, Forex Trading, Initial Coin Offering (ICO), Multi-layered strategy

J. Inadequate information and documentation on the product. K. Paperwork is not properly made.

L. -Conflicting investment statement of account

M. Poor administration, structures not properly set up

N. Difficulty in getting a proper statement of account on a periodic basis O. Band-Wagon Signs

P. Crowd moving in the same direction (Don’t follow the crowd)

Q. Herd mentality and behaviour

(5) SEC, EOCO, Bank of Ghana and Attorney General’s department should have exercised more authority under statute, policy and recourse to specific agencies which would have aided them in shutting down Menzgold and Brew Marketing before the majority of customers invested larger sums of monies in the 4th and 5th year-more investors tend to invest more money at later stages of a Ponzi scheme. (6) The Government of Ghana took the unusual step of waiting a clear 4 months (after S.E.C issued a notice for Menzgold to stop taking customers) before freezing the directors' bank accounts and attempting to cull assets which by that time may well have been too late to retrieve anything-the likelihood of money being hidden offshore, in cryptocurrency, change of name for house deeds etc. is high the longer institutions don’t freeze assets. This was unusual for the government to wait so long to try instead of try to preserve as much assets as possible since with the Ghana Football Association case a few years ago, the government overnight applied for an ex parte injunction to freeze accounts, ear mark buildings and as much as possible preserve all assets ahead of the case being fully heard in court.

(7) Government departments allowed Menzgold and Brew Marketing to metamorphosis into a large, pervasive and dangerous financial entity that enticed and defrauded the general public for a prolonged period whilst gaining legitimacy and credibility over the years.

(8) Public interest far outweighs the State’s interest in not paying out to unregulated financial companies because the State’s inaction in not shutting down Menzgold and Brew Marketing much earlier (even within the first year) meant that more and more investors were able to deposit their monies with Menzgold and Brew Marketing which lead to unprecedented financial loss to the general public.

(9) These government departments were in part created to protect the general public in both the unregulated and regulated financial sector. The victims were a class that was readily identifiable, would be tempted by high returns and had sufficient proximate relationship to the agencies. The departments did not go far enough in protecting this class of investors since they waited too long to shut down a criminal enterprise and to freeze assets which caused more loss to the public. (10) Misfeasance in public office-abuse of powers in bad faith by being reckless as to whether the action (or inaction) was wrongful and likely to damage the said investors


RECENT WITH THUMBS$type=blogging$m=0$cate=0$sn=0$rm=0$c=4$va=0

Local News Entertainment Celebrities music Politics Ghana Africa Entertainment News World-Entertainment Ghana music news Videos Election 2020 NPP Crime Musicians Presidential Latest News In Ghana Africa News NDC Breaking News Sports Education Volta Region Breaking Africa Relationship Finance General News featured news GH MUSIC Parliamentary Video Breaking World-Sports Latest music Music Video Business Nigerian Music Nigeria World News Ewe Ghana Sports News 18+ Health www.EweGhana.Net Slay Queen Results Trending EweGhana World-Politics Government World-Business Police Ladies Advert Dancehall Shatta Wale Music and Video Football EweGhana.Net Ashanti Region Covid19 Foreign News School Biography Church Culture Accident Events Religious Press Release News In French Gospel Music International Rock Venus lifestyle Awards Election History Sarkodie Stonebwoy Technology showbizz Shows Social Food Kwabena Yeboah Soccer Akufo Addo Artiste Profile Coronavirus Porn Accra Animals Games Sex mixtape #Fixthecountry Music Lyrics NPP NEWS Media Artists Profile Kenya Nigeria Videos Bible Fashion Security Showbiz Birthday Life Others Performing Video Bloggers Job Pastor Science Akuapem Poloo Artist DJs Mixtape FM Program Germany Interview Market Multimedia Photos Tourism Corona Virus Coronavirus News Dj china ghana Gosple India Actress Ashanti Beauty Talk Fucking Khemikhals MP Speak Your Mind Movement Tema Uganda Advice Court Curvy FM Stations Gun Instrumentals Italian Music Mali Marriage Radio Station Program Togo Blakabill Festivals Journalism Life Inspiration Medikal Philohope South Africa Trending News Tv3 Actor Arsenal Burkina Faso Cameroon Central Africa Chad Dance Video Date Rush Death Destie HIPLIFE Jamaica Malaria Minister Of Health Nana Agradaa Princess Of Principle Republic Of The Congo Sierra Leone Tanzania USA West Africa Adult Banks Benin Edem Event France Hip hop Instrumental Jobs Mozambique Russia Senegal Thac Nation Trees Tunisia Weapon World-Music Afia Odo Athletes Australia British China Christians Egypt Environment GHANA NEWS HEADLINES Galamsey Gold Gold Cassy Reigns Haircut Hairstyle IGP Inspiring Our Culture Leaks Manchester United Money National Other Parties Reggae Rhino Robbers Sierra Leone Music Social news South Sudan Tokyo Upcoming Vaccine World Health Organization kuami Eugene Afri America Anoda Level Articles Bono Region Comedy Crises D Black Digital Marketing Ethiopia Film Ghana Music Lyrics Gyakie Hotel Light It Up Records Morocco Mr. Loyalty Peeshaar Dhiss Pregnancy President Joe Biden Sakabo Strongman Technician Tribes Water Yaa Pono fire outbreaks opinion AFRICA NEWS HEADLINES AirtelTtigo Ama Nova Army Art Barcelona Belgium Benin Music Berlin Bet Big Boiz Burna Boy COVID-19 Cowbell Cup Davido Destiny Etiko Dubai ECOWAS Eastern Region Ebola Efia Odo Efya El Kassy Electoral Commission Europa League Europe Finland Fraud French German Shepherd Grammy Award Guchi Hair Growth Hospital Hygiene Iran Jaman Kwabena Japan Jennifer Joe Main Johannesburg John Dumelo Kasapa Kasoa Kennedy Agyapong Kidi King Godzy Kofi Kinaata Kumasi Kumawood Kwaw Kese Ladis Lawyer Ntim Liberia Lyrics Video Malawi Mavado Maxbriyann Miami Michelle Obama Model Motivation Motorbikes Motorway MzVee NASA Nanky Nigeria Nig Nollywood Official Olympic Pakistan Paralympian Plants Port Poverty Prosecutor Queen Of Africa Ras Rex Omar Richest Rwanda Secu Shugatiti Somalia Suez Canal Sunyani Sweden Taiwan Tamale Teni Thailand The Trigger Vibes Tokyo Olympic Games Train Tubrizzy Turkey UK UN United States Vacc Vybz Kartel WHO Youth Zambia Zimbabwe beaches Akrobeto Akwaboah Album Amerado Anthony B Ay Poyoo Banger Alert Bisa Kdei Body Builders Boxer Brazil Bus Cannot Lose Carboni Central Region Culture Festivals Divorce Dj Profile Doctor Drip Yesu EP Eastern Region Ebony Efua Kueen Enam – Talk To Your Boyfriend (Feat Sister Deborah X T’neeya) England Eno Be Muf Faction Designs Fameye Fancy Gadam Fava Gee Gallaxy Gospel Hair Style Hajia Bintu Ike Millions Italy Jamz Album Jokes Kahpun Kanye West Kelvynboy Ken Rhapz King Godzy Gh King Promise Kofi mole Kwame Yogot Kwesi Arthur Larruso Legon Libyan Living Dove Chapel Love Massage Mharidiva Northern Region Nurse Okyeame Kwame Old News Pappy Kojo Penis Ph Media Africa Portugal Prison Products Prostitute Rape Ras Kuuku Rastafarian Reggie Rockstone Rema Rent Romania Samini Selena Gomez Selina Boateng Shoprite Show Sista Afia Sister Derby Snakes Stonedeegh Sudan Table Tennis Tattoo ThanksGiving Tommy Lee Spartan Tony West Top 50 Best Indian Film Actresses VehementlyBwoy Wizkid Yvonne Nelson ent l officials series

#Fixthecountry,17,18+,69,Accident,33,Accra,19,Actor,6,Actress,9,Adult,5,Advert,50,Advice,8,Afia Odo,4,Afri,3,Africa,547,Africa News,193,AFRICA NEWS HEADLINES,2,AirtelTtigo,2,Akrobeto,1,Akuapem Poloo,11,Akufo Addo,21,Akwaboah,1,Album,1,Ama Nova,2,Amerado,1,America,3,Animals,18,Anoda Level,3,Anthony B,1,Army,2,Arsenal,6,Art,2,Articles,3,Artist,11,Artiste Profile,21,Artists Profile,15,Ashanti,9,Ashanti Region,40,Athletes,4,Australia,4,Awards,27,Ay Poyoo,1,Banger Alert,1,Banks,5,Barcelona,2,beaches,2,Beauty Talk,9,Belgium,2,Benin,5,Benin Music,2,Berlin,2,Bet,2,Bible,14,Big Boiz,2,Biography,35,Birthday,13,Bisa Kdei,1,Blakabill,7,Bloggers,12,Body Builders,1,Bono Region,3,Boxer,1,Brazil,1,Breaking,101,Breaking Africa,127,Breaking News,159,British,4,Burkina Faso,6,Burna Boy,2,Bus,1,Business,85,Cameroon,6,Cannot Lose,1,Carboni,1,Celebrities,911,Central Africa,6,Central Region,1,Chad,6,China,4,Christians,4,Church,34,Comedy,3,Corona Virus,10,Coronavirus,21,Coronavirus News,10,Court,8,COVID-19,2,Covid19,39,Cowbell,2,Crime,239,Crises,3,Culture,34,Culture Festivals,1,Cup,2,Curvy,8,D Black,3,Dance Video,6,Dancehall,50,Date Rush,6,Davido,2,Death,6,Destie,6,Destiny Etiko,2,Digital Marketing,3,Divorce,1,Dj china ghana,10,Dj Profile,1,DJs Mixtape,11,Doctor,1,Drip Yesu,1,Dubai,2,Eastern Region,1,Eastern Region,2,Ebola,2,Ebony,1,ECOWAS,2,Edem,5,Education,132,Efia Odo,2,Efua Kueen,1,Efya,2,Egypt,4,El Kassy,2,Election,27,Election 2020,270,Electoral Commission,2,Enam – Talk To Your Boyfriend (Feat Sister Deborah X T’neeya),1,England,1,Eno Be Muf,1,ent,1,Entertainment,1073,Entertainment News,523,Environment,4,EP,1,Ethiopia,3,Europa League,2,Europe,2,Event,5,Events,33,Ewe Ghana,72,EweGhana,60,EweGhana.Net,42,Faction Designs,1,Fameye,1,Fancy Gadam,1,Fashion,14,Fava Gee,1,featured news,115,Festivals,7,Film,3,Finance,119,Finland,2,fire outbreaks,3,FM Program,11,FM Stations,8,Food,23,Football,46,Foreign News,39,France,5,Fraud,2,French,2,Fucking,9,Galamsey,4,Gallaxy,1,Games,18,General News,115,German Shepherd,2,Germany,11,GH MUSIC,107,Ghana,611,Ghana music,432,Ghana Music Lyrics,3,GHANA NEWS HEADLINES,4,Gold,4,Gold Cassy Reigns,4,Gospel,1,Gospel Music,30,Gosple,10,Government,56,Grammy Award,2,Guchi,2,Gun,8,Gyakie,3,Hair Growth,2,Hair Style,1,Haircut,4,Hairstyle,4,Hajia Bintu,1,Health,69,Hip hop,5,HIPLIFE,6,History,26,Hospital,2,Hotel,3,Hygiene,2,IGP,4,Ike Millions,1,India,10,Inspiring Our Culture,4,Instrumental,5,Instrumentals,8,International,29,Interview,11,Iran,2,Italian Music,8,Italy,1,Jamaica,6,Jaman Kwabena,2,Jamz Album,1,Japan,2,Jennifer,2,Job,12,Jobs,5,Joe Main,2,Johannesburg,2,John Dumelo,2,Jokes,1,Journalism,7,Kahpun,1,Kanye West,1,Kasapa,2,Kasoa,2,Kelvynboy,1,Ken Rhapz,1,Kennedy Agyapong,2,Kenya,15,Khemikhals,9,Kidi,2,King Godzy,2,King Godzy Gh,1,King Promise,1,Kofi Kinaata,2,Kofi mole,1,kuami Eugene,4,Kumasi,2,Kumawood,2,Kwabena Yeboah,23,Kwame Yogot,1,Kwaw Kese,2,Kwesi Arthur,1,l,1,Ladies,51,Ladis,2,Larruso,1,Latest music,88,Latest News In Ghana,200,Lawyer Ntim,2,Leaks,4,Legon,1,Liberia,2,Libyan,1,Life,13,Life Inspiration,7,lifestyle,29,Light It Up Records,3,Living Dove Chapel,1,Local News,1299,Love,1,Lyrics Video,2,Malaria,6,Malawi,2,Mali,8,Manchester United,4,Market,11,Marriage,8,Massage,1,Mavado,2,Maxbriyann,2,Media,16,Medikal,7,Mharidiva,1,Miami,2,Michelle Obama,2,Minister Of Health,6,mixtape,18,Model,2,Money,4,Morocco,3,Motivation,2,Motorbikes,2,Motorway,2,Mozambique,5,MP,9,Mr. Loyalty,3,Multimedia,11,music,906,Music and Video,47,Music Lyrics,17,Music Video,88,Musicians,219,MzVee,2,Nana Agradaa,6,Nanky,2,NASA,2,National,4,NDC,167,news,419,News In French,31,Nigeria,76,Nigeria Nig,2,Nigeria Videos,15,Nigerian Music,83,Nollywood,2,Northern Region,1,NPP,256,NPP NEWS,17,Nurse,1,Official,2,officials,1,Okyeame Kwame,1,Old News,1,Olympic,2,opinion,3,Other Parties,4,Others,13,Pakistan,2,Pappy Kojo,1,Paralympian,2,Parliamentary,107,Pastor,12,Peeshaar Dhiss,3,Penis,1,Performing Video,13,Ph Media Africa,1,Philohope,7,Photos,11,Plants,2,Police,52,Politics,740,Porn,20,Port,2,Portugal,1,Poverty,2,Pregnancy,3,President Joe Biden,3,Presidential,217,Press Release,32,Princess Of Principle,6,Prison,1,Products,1,Prosecutor,2,Prostitute,1,Queen Of Africa,2,Radio Station Program,8,Rape,1,Ras,2,Ras Kuuku,1,Rastafarian,1,Reggae,4,Reggie Rockstone,1,Relationship,121,Religious,33,Rema,1,Rent,1,Republic Of The Congo,6,Results,62,Rex Omar,2,Rhino,4,Richest,2,Robbers,4,Rock Venus,29,Romania,1,Russia,5,Rwanda,2,Sakabo,3,Samini,1,Sarkodie,25,School,36,Science,12,Secu,2,Security,14,Selena Gomez,1,Selina Boateng,1,Senegal,5,series,1,Sex,18,Shatta Wale,49,Shoprite,1,Show,1,Showbiz,14,showbizz,25,Shows,24,Shugatiti,2,Sierra Leone,6,Sierra Leone Music,4,Sista Afia,1,Sister Derby,1,Slay Queen,65,Snakes,1,Soccer,23,Social,24,Social news,4,Somalia,2,South Africa,7,South Sudan,4,Speak Your Mind Movement,9,Sports,145,Sports News,70,Stonebwoy,25,Stonedeegh,1,Strongman,3,Sudan,1,Suez Canal,2,Sunyani,2,Sweden,2,Table Tennis,1,Taiwan,2,Tamale,2,Tanzania,6,Tattoo,1,Technician,3,Technology,25,Tema,9,Teni,2,Thac Nation,5,Thailand,2,ThanksGiving,1,The Trigger Vibes,2,Togo,8,Tokyo,4,Tokyo Olympic Games,2,Tommy Lee Spartan,1,Tony West,1,Top 50 Best Indian Film Actresses,1,Tourism,11,Train,2,Trees,5,Trending,61,Trending News,7,Tribes,3,Tubrizzy,2,Tunisia,5,Turkey,2,Tv3,7,Uganda,9,UK,2,UN,2,United States,2,Upcoming,4,USA,6,Vacc,2,Vaccine,4,VehementlyBwoy,1,Video,105,Videos,377,Volta Region,129,Vybz Kartel,2,Water,3,Weapon,5,West Africa,6,WHO,2,Wizkid,1,World Health Organization,4,World News,76,World-Business,54,World-Entertainment,479,World-Music,5,World-Politics,57,World-Sports,98,www.EweGhana.Net,66,Yaa Pono,3,Youth,2,Yvonne Nelson,1,Zambia,2,Zimbabwe,2,
EweGhana.Net Inspiring Our Culture: Menzgold saga: Amanda Clinton sues SEC, EOCO, BoG and AG for negligence
Menzgold saga: Amanda Clinton sues SEC, EOCO, BoG and AG for negligence
EweGhana.Net Inspiring Our Culture
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content