Home Scam/Fraud Persons involved in Ponzi schemes can be charged, says Police Commissioner

Persons involved in Ponzi schemes can be charged, says Police Commissioner

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Police Commissioner Trevor Botting is warning persons involved in the increasingly popular Ponzi schemes and pyramid networks that the can face criminal charges.

In a press release, Botting said he is aware of social media posts regarding Ponzi or Circle Schemes being run in the Turks and Caicos Islands.

He said these activities are illegal and those involved may be subject to criminal charges.

Botting said the police force will be working with the Financial Services Commission (FSC) to respond to complaints about these schemes.

“These schemes may appear an 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,” Botting said. “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…

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