Cops collaborate with SEC on GetGXL

The Trinidad and Tobago Police Service (TTPS) have joined the Trinidad and Tobago Securities and Exchange Commission (TTSEC) in its investigations into GetGXL in Trinidad and Tobago.

In a media release the SEC said the investigations sparked after people complained of being defrauded of large sums of money by operators of a suspected prohibited scheme.

TTSEC thanked the public for coming forward with information that could assist with the inquiry and urged victims to also come forward.

“Pyramid schemes are prohibited under this country’s securities law,” the release said.

GetGXL is a marketing platform which claims to provide revenue through the sale of virtual products. The platform works using different “store levels” similar to a multi-level marketing framework where the more invested into the platform, the higher the profits. Higher profits are heavily dependent on recruiting new members.

Under section 165A(1) of the Securities Act, chapter 83:02 businesses that are structured in a way that requires recruitment to see returns, businesses where the amount of income a person earns depends on his rank in the scheme relative to others who have just joined and a business where a person is required to buy a financial product or training offered by the scheme before he can participate, is identified as a prohibited scheme by the government.

Under sections 165 (2), (3) and (4), a person who operates or establishes, knowingly participates or knowingly advertises a prohibited scheme is liable to a fine of $10 million and $3 million and imprisonment for two years.