The Financial Services Commission (FSC) says an investigation has started into the operations of the latest get rich quick scheme to emerge on the market.
Loom, which is also advertised as the Birthday Club and a Blessing Plan, uses mainly Instagram and Facebook or direct messages through WhatsApp to attract customers, promising up to 300 per cent return on each investment.
People are invited to invest as little as $5,000 and to invite at least two more persons to join.
The operators then promise that after one week of the initial investment, persons will see returns of up to $20,000.
David Geddes, Communication and International Relations Manager at the FSC, says the agency’s Investigations and Enforcement Division is trying to locate the operators of the illegal scheme so it can issue a cease and desist order.
Mr. Geddes pointed out that the operators of Loom would fail at any attempt to become licensed because of their unsustainable business model.
I dont know how people falling for this scam, smh, them love quick money too much and nuff a dem ago learn the hard way just watch.
Dem all over wid it. Boasy Marsha dat do nails have one. $25,000 and u get $200,000 but youhave to bring two persons who have to bring two persons, who have to bring two persons….
Basically a pyramid dat will collapse when people cant find people to recruit. If you go in early you fortunate….
All soldiers n Police have them running
She gone do body
Yes me love dats why dem get so rich all of a sudden. Pyramid scheme nutten change. If new members stop coming some ppl will get knock
PYRAMID SCHEME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Aka #Skam
Lol Met this is so funny because just earlier this week somwbody came to me with it and I told them I wouldn’t put a red cent into it because it’s a pyramid scheme. I don’t know how people can’t see that something like this makes no sense and cannot be sustainable. Silly rabbits
Fool dem fool and have bigger fools hyping them up to do it..I see Nicki Chromaz wid it and mi seh this girl is so greedy. Her bleach selling and look what she getting herself into fi go a prison