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Tuesday, January 19, 2021
Home News Local News The Eastern Caribbean Securities Regulatory Commission Warns Public of Possible COVID-19 Scams

The Eastern Caribbean Securities Regulatory Commission Warns Public of Possible COVID-19 Scams

By Kevon Browne

St Kitts and Nevis (WINN): The Eastern Caribbean Securities Regulatory Commission (ECSRC) advises the public in the member countries of the Eastern Caribbean Currency Union (ECCU) to be aware of fraudulent investment offerings that are being circulated via the internet and other channels.

The scams are currently being promoted as a financial relief option from the COVID-19 pandemic as a cover to target unsuspecting or vulnerable individuals in times of economic stagnation and downturns. Any of the offerings can come from Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

The general public should be suspicious of persons who contact you to invest quickly or promise high returns on your investment. Consider seeking financial advice or guidance before you invest. Additionally, ensure that any individual or firm with which you conduct business is licensed or authorized by the ECSRC or other relevant government authorities.

All of these schemes are usually operated in violation of the law by evading legal requirements such as obtaining the necessary licenses or authorizations to raise funds from the public for collective investment purposes.

The ECSRC said they will continue to take the necessary measures to prevent securities fraud in the Eastern Caribbean Securities Market; therefore, if you are aware of or have been the victim of a fraudulent scheme in the ECCU, you are encouraged to contact the ECSRC or your local law enforcement authorities.

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