The Trinidad and Tobago Police Service is now part of the investigation into the operations of GetGXL in Trinidad and Tobago.
This follows growing allegations of persons being defrauded of large sums of money by the operators of a suspected prohibited scheme.
The investigation was launched last week by the Securities and Exchange Commission, which stated at that time that it had “taken note of complaints circulating on social media as it pertains to the entity known as GETGXL. The TTSEC is also in receipt of information that was submitted anonymously, and which is currently engaging our attention.”
The TTSEC confirmed the Police Service’s involvement in the probe in an official statement on Monday, noting that this followed an increase in the number of “allegations of persons being defrauded of large sums of money by the operators of a suspected prohibited scheme.”
“TTSEC wishes to thank members of the public who have already come forward with information that could assist with this joint inquiry,” the Commission said in its statement.
The TTSEC urged other victims of suspected investment fraud to come forward and share their information with the current probe.
“Any information provided to the TTSEC regarding this specific matter will greatly assist in our inquiries,” it said.
Persons who believe they are a victim of a prohibited scheme have several options to file a complaint with the TTSEC, via: https://www.ttsec.org.tt/investor-protection/complaint-form/
Written complaints can be submitted via email to [email protected]; or direct mail to Levels 22-23, Tower D, International Waterfront Centre, Port of Spain.
Complaints can even be sent via mobile apps, through the TTSEC’s investor protection mobile application, which is available for download on the Google Play Store for Android devices, and the App Store for Apple devices. Once the app has been downloaded, users can navigate to either “Submit a Complaint” or “Report a Scam”. The scam reporting feature allows for anonymity.
In person… at TTSEC offices located at Levels 22-23, Tower D, International Waterfront Centre, Port of Spain.
The TTSEC says when submitting a formal complaint, victims of investment fraud are encouraged to provide the following:
● Details of the complaint in chronological order;
● Copies of all supporting documentation, including forms, agreements, and written communication (including messages/texts) between the parties involved; and
● Audio or video files.
Further guidance on the TTSEC’s process to lodge a formal complaint can be accessed on the Commission’s website via https://www.ttsec.org.tt/about-us/investor-complaints/
The Legislation
Under Section 165A(1) of the Securities Act Chapter 83:02, a prohibited scheme includes a scheme in which:
“(a) a business is structured in such a way that the returns an investor or client earns is directly tied to the number of persons he recruits to join the scheme;
(b) the amount of income a person earns while participating in the scheme depends on his rank in the scheme, where such rank is related to when a person joins the scheme; …
(d) a person is required to purchase a financial product or financial training offered by the scheme before he can participate in and earn income from the scheme, and neither the product nor the training can be offered for resale to the general public.”
The full list of prohibited schemes can be accessed via our website athttps://www.ttsec.org.tt/wp-content/uploads/Act-No.-16-of-2021.pdf
Sections 165A(2), (3) and (4) further provide that a person who establishes or operates, knowingly participates, or knowingly advertises a prohibited scheme is liable on summary conviction to a fine of ten million dollars ($10,000,000) and to imprisonment for ten years; five million dollars ($5,000,000) and to imprisonment for five years; and three million dollars ($3,000,000) and to imprisonment for two years, respectively.