Categorized | National News

Sumner says “Say no” to Gifting Circle Scheme

In social media’s latest, “The Gifting Circle” asks person’s if they wish to turn $50 or $100 into large sums of money, and fast however Chamber of Commerce CEO Edison Sumner say Bahamians should say no to the pyramid scheme as the repercussion are grave.

Speaking with The Bahama Journal yesterday Mr. Sumner says the latest pyramid scheme is not new but those involved should know that most of the time the people at the bottom lose the most.

“In pyramid schemes the people at the bottom never win. There are few people who win, few people who might be able to give a testimonial that they got so much money from the scheme but there are always more losers than there are winners,” he said.

“Anyone who is being attracted to those kinds of schemes should be very careful and should stay away from those kinds of promotions because they ultimately do no good for the people who are involved in them.”

He further noted that there are only a few people who benefit from these kinds of exchanges.

According to Mr. Sumner, there is a special type of person these types of schemes target.

“These schemes target naïve persons and anyone who is approached to invest in anything doesn’t matter what it is, should seek out proper professional advice in making those investment,” Mr. Sumner said.

“That advice can be gotten from person who are registered and licensed to provide that kind of advice and there’s a list of those persons who you can find at the securities commission and also in the various institution that provide that kinds of services.”

Mr. Sumner says the kinds of investments that one can consider include but are not limited to Bahamas government registered stocks; mutual funds or investment funds ran by financial services firms, real estate or the stock market.


Written by Jones Bahamas

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