PORT OF SPAIN, Trinidad, CMC -The Trinidad and Tobago Securities and Alternate Fee (TTSEC) says it has begun a probe into an entity often called GETGXL after taking observe “of complaints circulating on social media.”
The regulatory physique stated that it’s also receiving info submitted anonymously, “which is at present partaking our consideration. ”
“Members of the general public who’ve fallen sufferer to prohibited schemes reminiscent of Pyramid or Ponzi-type funding scams are inspired to submit a report back to the TTSEC by way of our investor safety cellular software.”
The TTSEC stated it intends “to pursue this matter beneath its powers” beneath the Securities Act and that “individuals discovered liable could be subjected to the fines and penalties which vary from TT$10 million (One TT greenback=US$0.16 cents) and ten years in jail for the operator of a prohibited scheme; 5 million {dollars} and 5 years in jail for individuals collaborating in such schemes and two million {dollars} million and three years in jail for these discovered chargeable for promoting investments scams.”
The TTSEC stated there may be usually a noticeable enhance in funding scams being promoted to the general public over the past quarter of the yr. It’s transferring in the direction of counteracting these schemes with public training initiatives advocating vigilance and by the use of investigation into stories obtained.
“Consistent with our public training mandate, the TTSEC routinely conducts investor training consciousness campaigns all year long and extra just lately (November-December) executed a nationwide fraud consciousness marketing campaign by way of radio, print, tv, and social media highlighting the penalties and fines that may be imposed on individuals who manage, promote or take part in prohibited schemes.”
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