Under the current legal framework, the supervisory authorities have little space to combat the crime of pyramid schemes
The Superintendencies of Banks and the Securities Market they prepare a bill to typify and penalize pyramid schemes through which people believe that their money will be multiplied by a kind of investment.
Alejandro Fernández, Superintendent of Banks, said that under the current legal framework, the supervisory authorities can only limit themselves to warning through the media and financial education initiatives that those who fall into the trap of the pyramids can lose their money.
“If you take your money to a sorcerer to multiply it with his magic, you are free to do so. As Superintendent of Banks there is very little that we, or any other superintendence, can do to prevent you from making the wrong decision and losing your money”he underlined.
He deplored that pyramids such as “alias Butter” continue despite warnings that it is an unsustainable pyramid scheme and that any type of link with the financial system has been cancelled.
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He warned people that if they make you an investment offer that is too good to be true, it is a scam.
“If we or our supervised entities identify that this type of activity is occurring, it will proceed to report the suspicious operation to the Financial Analysis Unit and close the bank accounts,” he said.
By insisting that if the warnings are not heeded about strange operations in cash or cryptoactive “it is a matter of waiting for the pyramid to finish falling so that the crying, the tears, etc. come. like when Telexfree».
Telexfree was an investment company, based in the United States, which defrauded some 145,000 Dominicans in the country.
