Ponzi Schemers Could Be Charged – Commissioner

Commissioner of Police Trevor Botting is warning residents against joining Ponzi schemes, which of late have been popping up in the country.


The Royal Turks and Caicos Islands Police Force (RTCIPF) top cop, in a statement on Tuesday, said he was aware of the social media posts regarding Ponzi or Circle Schemes being operational in the country.


He reminds those engaged in such nefarious activities or those who might be attracted to them that Ponzi schemes and other similar activities are illegal, and those involved could be subjected to criminal charges.


The commissioner said the police would be working closely with the Financial Services Commission (FSC), which recently issued a press statement relating to Ponzi schemes operating in the country, to respond to complaints about these risky investments.


"These schemes may appear attractive and a risk-free option to make money, but the fact is they are illegal, and there is no guarantee of your money being returned,” he warned.


“I would discourage all persons involved in these schemes or those considering investing money into them from engaging in this activity. You may be committing a criminal Offence and you are likely not to get your money back,” he emphasized.


The commissioner said that while the RTCIPF will investigate complaints about the schemes, no direct complaints have been made to the investigators so far.


“You can contact the RTCIPF Financial Crimes Unit by email at fcu@tcipolice.tc if you wish to make a complaint or if you have any information as to the criminal conduct of others," he instructed.

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