The Securities Commission of The Bahamas issued a public notice on Incomemax Financial Enrollment Investment (Incomemax), warning that the entity and its agents or representatives are not registered with or licensed by the Commission and may be conducting activities in or from within The Bahamas that are registrable, licensable or illegal. Incomemax appears to promote itself as an investment platform through social media, including Instagram, Facebook and Telegram, and solicits individuals to join by sending a minimum of USD 150 in cryptocurrency, with claims of being able to withdraw USD 1,500 per USD 150 deposit. The Commission said the activity has the hallmarks of a Ponzi scheme, which is treated as a “Financial Scheme” under the Financial and Corporate Service Providers Act, 2020 and is unlawful in The Bahamas, and urged the public to exercise extreme caution to avoid potential financial loss. The notice also referenced the Commission’s prior public notices explaining pyramid and Ponzi schemes and reminded readers that such financial schemes are unlawful and could result in criminal prosecution, while directing the public to the Commission’s website to verify authorized registrants and licensees.
Bahamas Securities Commission 2025-04-10
Securities Commission of The Bahamas warns Incomemax is unlicensed and shows hallmarks of an unlawful Ponzi scheme
The Securities Commission of The Bahamas warned that Incomemax Financial Enrollment Investment is not registered or licensed and may be conducting illegal activities. Incomemax solicits cryptocurrency deposits with promises of high returns, resembling a Ponzi scheme. The Commission urged caution and referenced prior notices on the illegality of such schemes under the Financial and Corporate Service Providers Act, 2020.