In a devastating financial blow to approximately 50,000 Jamaicans, the Ponzi scheme known as Warner Media Jamaica collapsed on January 29th, leaving investors grappling with significant losses. The scheme, which had been operational for just over a year, marks a significant instance of financial fraud in the country.
Victims of the scheme, many of whom invested borrowed money with hopes of bettering their lives and supporting their families, have expressed their despair in a members-only social media group. The emotional toll is palpable, with recordings of investors sobbing and pleading for the return of their funds circulating within the community.
Investments in the failed scheme ranged from modest amounts of $7,500 to substantial investments upwards of $3 million per individual. The Observer Online has learned that Warner Media Jamaica was a spin-off from Get GXL, an entity previously implicated in defrauding thousands in Trinidad and Tobago last year.
This incident has not only resulted in significant financial losses for thousands of Jamaican families but has also raised concerns about the proliferation of Ponzi schemes in the Caribbean, exploiting individuals’ hopes for financial stability and prosperity.
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