PORT OF SPAIN, Trinidad, CMC -The Trinidad and Tobago Securities and Exchange Commission (TTSEC) says it has begun a probe into an entity known as GETGXL after taking note “of complaints circulating on social media.”
The regulatory body said that it is also receiving information submitted anonymously, “which is currently engaging our attention. ”
“Members of the public who have fallen victim to prohibited schemes such as Pyramid or Ponzi-type investment scams are encouraged to submit a report to the TTSEC via our investor protection mobile application.”
The TTSEC said it intends “to pursue this matter under its powers” under the Securities Act and that “persons found liable would be subjected to the fines and penalties which range from TT$10 million (One TT dollar=US$0.16 cents) and ten years in prison for the operator of a prohibited scheme; five million dollars and five years in prison for persons participating in such schemes and two million dollars million and three years in prison for those found liable for advertising investments scams.”
The TTSEC said there is typically a noticeable increase in investment scams being promoted to the public during the last quarter of the year. It is moving towards counteracting these schemes with public education initiatives advocating vigilance and by way of investigation into reports received.
“In keeping with our public education mandate, the TTSEC routinely conducts investor education awareness campaigns throughout the year and more recently (November-December) executed a national fraud awareness campaign via radio, print, television, and social media highlighting the penalties and fines that can be imposed on persons who organize, advertise or participate in prohibited schemes.”
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