The Trinidad and Tobago Securities and Exchange Commission (TTSEC) has begun an investigation into an entity known as GETGXL, after receiving information anonymously.
They are also urging people who’ve fallen victim to this and any other financial scam to come forward and make a report.
According to a release from the Commission, it has 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. ”
According to the Commission, “Members of the public who have fallen victim to any form of 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 release added, “The TTSEC intends to pursue this matter pursuant to its powers under Section 165A of the Securities Act Chapter 83:02. Persons found liable would be subjected to the fines and penaltieswhich range from $10 million and ten years in prison for the operator of a prohibited scheme; $5 million and five years in prison for persons participating in such schemes and $2 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.
The TTSEC said it seeks to counteract these schemes with public education initiatives advocating vigilance and by way of investigation into reports received.
The release said, “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 organise, advertise or participate in prohibited schemes.”
The TTSEC said complaints about an investment scam can be made on its website at https://www.ttsec.org.tt/investor-protection/complaint-form/; by way of a written complaint or submitted via direct mail; walk-in or anonymously via the TTSEC’s investor protection mobile application
GETGXL was touted as a lucrative means for people to earn extra cash through buying and selling goods and investing their own money into the scheme.
The investment scheme crashed this week despite assurances from local “team leaders” that investors’ monies were safe.