The Securities Commission of The Bahamas held a training seminar for 28 officers of the Royal Bahamas Police Force aimed at strengthening the prosecution of individuals who promote illegal financial schemes, including pyramid and Ponzi schemes. The programme brought together officers from New Providence, Abaco, Bimini and Grand Bahama, including members of financial crimes, cybercrimes and prosecutions units. Delivered by Gawaine Ward, Senior Manager in the Commission’s Enforcement Department, the seminar covered what constitutes a financial scheme and highlighted criminal penalties under the Financial and Corporate Service Providers Act, 2020, including an offence under section 46(2) for launching, promoting, marketing or advertising a financial scheme, or recruiting others to join, punishable on summary conviction by a fine of up to $100,000.
Bahamas Securities Commission 2025-06-11
Securities Commission of The Bahamas trains police officers to prosecute pyramid and Ponzi scheme promoters
The Securities Commission of The Bahamas conducted a training seminar for 28 officers of the Royal Bahamas Police Force to enhance prosecution of illegal financial schemes, including pyramid and Ponzi schemes. The seminar, led by Gawaine Ward, covered the definition of financial schemes and criminal penalties under the Financial and Corporate Service Providers Act, 2020, with fines up to $100,000 for related offences.