A lucrative Ponzi scheme has fleeced some 50,000 Jamaicans out of millions through popular company Warner Media Jamaica.
Several Jamaicans were lured into this online investment scam after being promised substantial returns on their cash investments in a short time.
This was far from reality. Thousands of Jamaicans who fell prey to the investment scheme lost millions of dollars in the meltdown of the company in January.
According to the company’s social media page, it is a global financial organisation and platform based in the United Kingdom that allows its members to earn a stable and passive income while maintaining a high quality of life.
A physical address or contact information for the company is not listed on the company’s social media page.
The issue has gone viral on social media with several Jamaicans commenting on the financial fraud that has struck several Jamaicans.
“Cash Plus, Olint, Worldwise, Loom and now Warner Media. Pyramid schemes will always fly in Jamaica because we want the quick money. I feel it for the people who lost all their funds, especially those who borrowed to put it money,” said one person on X formerly known as Twitter.
“So people did really out here giving their money to this Warner Media Jamaica scam,” another person said.
Speaking with Our Today the Financial Services Commission (FSC), confirmed they are aware of the incident and will respond publicly at a later time.
Ponzi schemes are nothing new to Jamaica. Etched in notoriety was the Cash Plus scam in 2002, which promised lenders up to 120 per cent in annual returns with 10 per cent paid back monthly.
It collapsed in 2008, owing some $10 billion to more than 40,000 investors.
Carlos Hill, the boss of the investment scheme was later charged in 2009 with 15 counts of fraudulently inducing people to invest in Cash Plus, but later walked free in 2017 after the fraud case against him collapsed due to a lack of evidence.
Other notable failed investment schemes include Olint, World Wise and LewFam.