A Warning Notice issued by the Eastern Caribbean Securities Regulatory Commission (ECSRC) dated 21st July 2020, is said to draw the public’s attention as it relates to investment-related scams.
According to a press release, the Royal St. Christopher and Nevis Police Force (RSCNPF), the Financial Services Regulatory Commission (FSRC) and the Financial Intelligence Unit (FIU), advise of various fraudulent offerings including: Pyramid Schemes and Unauthorized Foreign Exchange Market (Forex) Trading.
The local authorities have been made aware of variations of the Pyramid Scheme(s) that are being operated in St. Kitts and Nevis by groups of individuals. A Pyramid Scheme is a fraudulent investment offering that profits almost solely, through the recruitment of other participants into the program.
It requires individuals to invest a one-time payment and recruit other individuals, with the promise of receiving large sum of monies. Individuals should not consider this as an investment opportunity.
The RSCNPF, FSRC and FIU advise the general public to be vigilant and for the operators of these schemes to cease and desist. Persons with information of these operations in the Federation are asked to contact the authorities at the following email addresses: email@example.com, firstname.lastname@example.org, email@example.com.