THE Securities Commission of the Bahamas has reissued warnings against falling victim to Ponzi and pyramid schemes which promise large payouts after a person pays a sum of money under the guise of an investment plan.

The commission said it was made aware there is an increasing presence on social media and other internet sites of advertisements or invitations to members of the general public to join purported financial programmes in which an individual pays a certain sum of money to join, then in turn must solicit and encourage other individuals to join in order to receive a large cash pay-out.

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