Ponzi Type Schemes Now Prohibited

It is now illegal to establish, operate, advertise or participate in Ponzi and pyramid-type schemes. If a person is convicted, they can be fined $10,000,000.00 or face up to 10 years’ imprisonment. The change comes following certain amendments to the Securities Act Chapter 83:02.

The Manager of Corporate Communications at the T&T Securities and Exchange Commission, Ellen Lewis, joined Kimberly on set to discuss further, as well as the new Investor Protection App where you can unanimously report scams.

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