This archive report was first published on 3 September 2019.
On September 3, 2019, the Capital Markets Authority (CMA) cautioned the public against participating in WIIE's capital raising or public offer of shares.
WIIE, branding itself as a 'women's income and wealth incubator', has been targeting women investors through celebrity endorsements, but CMA revealed that the firm's activities are unregulated and have not been approved by the authority.
CMA Chairman Paul Muthaura noted discrepancies in WIIE's website information and the information submitted to the authority, prompting further investigations.
As a result, CMA, in collaboration with law enforcement agencies, has frozen WIIE's bank accounts pending the outcome of the investigations.
