Scammers selling fake financial products

April 19, 2018

Persons claiming to be representatives of investment company World Ventures have been going door to door to seek persons to invest their money with the promise of massive returns.

Sharlene Smith says she was at her home in Harbour View east Kingston recently when two persons came up to her door and enquired if she was interested in investing.

"I couldn't believe when I opened the door and saw them. They were telling me about different ways of investing and where and weh mi can guh. At first mi did think dem a did Jehovah Witness," she told THE STAR.

According to Smith, the man and woman were well-dressed and had papers and pamphlets with the World Ventures logo on them.

"I wasn't interested because I had known of them in the past and persons using their name to collect money from people, so I told them that I wasn't interested and they left and went to the house next door," she told THE STAR.

A number of other persons say they have been invited to meetings by persons posing as World Ventures agents.

When THE STAR contacted David Geddes, the communication and international relations manager at the Financial Services Commission (FSC), he said the Texas-based company had no licence to sell financial products registered and approved by the FSC in Jamaica.


Feel pressured


He urged members of the public to exercise due diligence before investing their money with any institution or scheme.

"Financial statements should be reviewed and every effort should be made to ensure that investment opportunities are legitimate," he said.

Additionally, he said no potential investor should feel pressured to invest in any scheme whether they are approved or not.

Geddes encouraged members of the public to report any suspicious approaches soliciting investment to the regulatory body.

THE STAR tried unsuccessfully to contact World Ventures for a comment.

However, in a 2015 Sunday Gleaner story, the organisation said it does not operate in Jamaica, despite claims that Jamaicans were making millions by signing up with the entity.

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