The Financial Intelligence Unit and Bank of SierraLeone, the bodies responsible to regulate and supervise financial institutions In SierraLeone have disowned Super Advertis as being a Scam entity that does not have the moral authority to operate as Financial Institution in SierraLeone. “FIU in collaboration with pertinent stakeholders is investigating suspected unlawful activities of Super Advertis, an entity using various mobile money platforms in SierraLeone to solicit deposits from the public under the guise of investments”, says FIU, and therefore describing Super Advertis scheme as a scam, operating to reimbursing existing investors from contributions made by new investors, rather than legitimate profits from a lawful business enterprise; investors are misled into believing that profits arise from legitimate business operations when in fact, they originate from new investors deposits.
In similar vein, the Bank of SierraLeone, considered super Advertis as illegal financial institution and warned the public strongly to desist from transacting with them. “The Bank of SierraLeone hereby informs that it has not granted a license to Super Advertis to conduct any financial activity. Such financial activity by the super Advertis is therefore illegal”, says the Bank in its public notice.
