PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago Securities and Exchange Commission (TTSEC) says it has launched an investigation into a local offering of crypto-asset investment opportunities allegedly without the required registration or exemption under securities laws.
In a statement, TTSEC said that “an entity named Trillions Systems Ltd, or its promoters or representatives, may be involved in offering of investment opportunities involving crypto assets without the requisite registration and/or exemption under securities laws”.
It is advising the public that Trillions Systems Ltd is not registered with the TTSEC in any capacity, adding that the investigations being conducted by the TTSEC are at a preliminary stage at present.
Last month, the Sunday Express newspaper reported that nearly 3,000 investors who put millions into cryptocurrency and forex markets through Trillions Systems Ltd are still awaiting payouts.
In its statement, the TTSEC said its mission “instilling confidence in the securities market by protecting investors, promoting sustainable market growth, and reducing systemic risk, through collaboration and innovation”.
It is strongly advised that investors who are approached by Trillions Systems Ltd or its promoters verify registration status through the TTSEC’s official website, warning that investing in unregistered entities carries significant risks, including the loss of the initial capital.
“The public is advised to report any tips, scams, or suspicious/unregistered investment offerings to marketcomplaints@ttsec.org.tt. If the entity or person is not registered under the Securities Act, you run the risk of not getting back your initial investment. This Notice does not constitute a final finding of wrongdoing or regulatory order,” it added.
The Sunday Express newspaper said that it had received information from individuals grappling with mounting debts, medical expenses, and other hardships tied to their investments in Trillions Systems Ltd.
“I feel as though I cannot recover from this. I have lost everything and am on the verge of losing my family. I don’t even have enough to provide for them. It is sad,” One investor told the newspaper, while another said that “Trillions have made the lives of shareholders a living hell”.
The newspaper reported that several investors had removed their names and sent screenshots of their funds in digital wallets, ranging from TT$452,000 (approximately 0.16 cents) to as much as two million dollars, and in some cases, even more.
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