There are serious fines and penalties for people defrauding others out of their money using financial scams.
The information was shared by members of the Trinidad and Tobago Securities & Exchange Commission (TTSEC) during a community roadshow on Wednesday.
The Commission has indicated that it is seeing an increase in foreign exchange and cryptocurrency schemes being used to dupe people into parting with their money.
Staff member Jamella Prescott Grant noted there are harsh penalties for these scammers.
“Under our legislation, prohibited schemes come with criminal penalties as well as fines. You would be liable if caught and convicted for imprisonment of 10 years as well as a $10 million fine – And this is not ‘or.’ It is ‘and.'”
She added those who recruit people into Ponzi and pyramid schemes are also liable to face five years in prison along with a $5 million fine.
“If you are a person who knowingly advertises or invites persons into these types of schemes, please be aware of the penalty. It’s $2 million in fines as well as three years imprisonment.”
Ms. Prescott Grant advised people to be on the alert and described what investors need to avoid.
“We’ve noticed that there’s an uptick in cryptocurrency and foreign exchange scams. These scams, how they get people is by offering unrealistic, exponential, over-the-top high returns and guarantees on profits.”
Complaints to the TTSEC can be made via its investor protection app, email, anonymously via post, or by walking into their offices at Levels 22 and 23, Tower D, at the International Waterfront, Port of Spain.