Get-rich-quick Ponzi schemes to be illegal

Thu, Nov 5th 2020, 08:21 AM

THE Minnis administration passed legislation in the House of Assembly yesterday that seeks to criminalise Ponzi schemes that have over the years defrauded Bahamians of hard-earned money.

Finance Minister Peter Turnquest said the decision to make pyramid, Ponzi and advance-fee schemes illegal came because these ploys have plagued unsuspecting Bahamians for generations.

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