‘Money Matters BVI’ to expose local Pyramid & Ponzi schemes
Not your typical savings club
“Living in the British Virgin Islands you would be hard-pressed to find a working-age resident who hasn’t heard about the informal saving system known popularly as “Paadna hand” or “Susu” a release on the show noted.
Money Matters BVI is the financial literacy programme at the BVI Financial Services Commission and they noted that features of such informal saving clubs are that all participants are known and may even be close family or friends and have been around in Caribbean, West Africa and other countries for ages.
"Ties are linked to the need for persons in migrant communities to establish credit, and form close bonds of solidarity in order to create economic sustainability."
Large migrant population attractive for promoters of scheme
With the Virgin Islands having a workforce represented by over 31% migrants from other Caribbean countries with a familiarity with Paadna hand, that makes it the perfect hook, line and sinker attraction for promoters of Ponzi and Pyramid Schemes."
According to Money Matters BVI; however, is that what unsuspecting eager investors don’t know is, for instance, how far down the Pyramid Scheme they are entering, and how close the Ponzi Scheme is to drying up.
"Which of course would increase their chance of both being left out in the cold regarding their investment and anticipated returns, and worse, having no legal recourse."
Public e-Forum planned
As part of the upcoming show, the team has invited key personnel from the BVI Financial Services Commission, BVI Financial Investigation Agency, Royal Virgin Islands Police Force and BVI Finance to speak to the issue at a live Public e-Forum this weekend.
The show will also explore the finding of an August 2020 MONEY MATTERS BVI surveys and focus group sessions, where over 80% of those participating had been targeted by recruiters to join Pyramid and Ponzi Schemes.
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17 Responses to “‘Money Matters BVI’ to expose local Pyramid & Ponzi schemes”
Some a dem same ***** police doing it and taking people money and making sure dem get others dont
Not me!! I work too hard for my money to get involved in stuff like that.
NOW!!! for those persons who are out there preaching about investing $100 to get $800 or $1300 to get $10800 MUST STOP IT! This is not an investment it's a SCAM!!! That money is not being used for anything of value or returns. Additionally, the way this was structured was to help each other through gifting not by investigating.
Everything in life is a risk so be wise.
The insurance company as well is taking full advantage of persons in the BVI. Does Money Matters BVI and the Financial Services have the cahooners to go and meet with them? Have they put together a forum to look into their thiefing practices?
I paid $4,000 insurance before Irma. Now I pay $8,000 and of course at payout time during Irma, I was "under insured".
So the system is sick. You cannot win with the banks and the insurance companies and Financial Services has the mandate to look into these insidious practices. Why should you be able to get a mortgage in St. Thomas at 2.5% and in the BVI 5%? Does Money Matters BVI and Financial Services know this? Oh, they probably told them about not being able to sell our loans and about Fan... Ma... I can say that the large majority of people in the BVI pay for their houses. And the high interest rates causes huge monthly payments. The banks do not have a huge problem with non-payment of loans in this Territory. Instead though, we are the laughing stock of the U.S.V.I. Branch who call over here when they need a stimulus of cash. We are their cash cow. In fact, I am sure if you ask the new Republic Bank they will tell you that only in the BVI their rates are through the roof on loans and other fees.
So Money Matters BVI, Financial Services, if you are going to turn a blind eye to the above, please, mind your business when the people are trying to attain their own cash stimulus without using illegal means. Look into the above before you tell persons what to do with their money in pyramid schemes or anything else. The people in this country are being forced into partner hands and sou sou hands. All this while Ke... Ba... sits and allow the banks and insurance companies to raise their fees and pay out nothing in return. And in case Money Matters and Financial Services do not know, we see what is being done all over the world at this time to assist their citizens, especially with regards to mortgage payments. So if you can't help us with anything else, leave us with our sou sou hands, partner hands. Turn a blind eye like you do with everything else. You seem phony.