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FTC in Barbados wants ability to prosecute promoters of pyramid schemes

The Fair Trading Commission (FTC) in Barbados is hoping for new legislation that will allow it to give consumer protection authorities the ability to prosecute owners or promoters of pyramid-type schemes and suspected of defrauding investors.
 
Dava Leslie Ward, FTC Director of Consumer Protection, said, because of a loophole in the Consumer Protection Act, the existing legislation does not allow for putting in place the measures to make offenders pay. 
 
Mrs Ward said when the FTC realised the challenge it faced in being able to help people recoup any money lost through these schemes, officials had to do the next best thing and embark on a campaign to warn Barbadians against investing in them.
 


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