By RASHAD ROLLE

Tribune News Editor

rrolle@tribunemedia.net

THE Free National Movement’s West Grand Bahama and Bimini by-election candidate Bishop Ricardo Grant and his wife Shandlene Grant participated in a pyramid scheme in 2020 where some people lost their investments and never received promised payouts.

Some residents insist the Grants –– particularly Mrs Grant –– were the primary local organisers of the scheme in Grand Bahama.

Bishop Grant denied this yesterday, saying via WhatsApp: “We never did and owe no one!!!”

He said he would contact this newspaper to discuss the matter after yesterday’s advanced poll but did not reach out before press time nor respond to additional questions.

 The Grants, according to Free National Movement chairman Dr Duane Sands, were victims who lost money in the scheme, not leaders.

 He said they do not deny receiving money from people as part of the scheme.

 “Their position is they would’ve also lost money,” he said. “I don’t think they deny at any point in time being a part of it, but that in no way implies that they were the originator, the proprietor, the primary driver or principal of this process. I think the story that is being propagated is that this was a scheme that was hatched in the mind or the head of Bishop Grant or Mrs Grant that ultimately resulted in people losing their money.”

The Securities Commission of The Bahamas issued a public advisory in September 2020 identifying the scheme the Grants participated in –– known as Ujamaa –– while advising the public that the programme carried characteristics of “fraudulent Ponzi and/or pyramid schemes.”

The commission said a group in the United States called ‘Foundation Family Sou Sou’ launched a programme linked to “traditional African sou sou” that was, in The Bahamas, used under the names ‘Fire Starter’, ‘Magnolias Jr.’, ‘The Winning Team’, ‘Ujamaa Family & Friends Share Plan’, ‘242 Financial Partners’ and ‘Everybody Eats”.

The scheme, according to a document The Tribune obtained about the “Ujamaa Harvest Cooperative Friends & Family Share Group,” required people to join with a $500 “gift seed”.

The people were encouraged to bring “like-minded members with integrity and good character to the platform.”

They were discouraged from sharing the membership application or platform links with potential members. Only administrators were allowed to share such information.

Like other pyramid schemes, continued recruitment of new members as part of an unsustainable exponential growth strategy was required.

The Tribune viewed 31 cheques, most for $500, issued to “Ujamaa Harvest” in August and October 2020. One cheque represented a payout to four people for $3,000. The name of the Grants appears nowhere on the cheques.

However, a participant in the scheme shared an email Ms Grant purportedly sent him on August 29, 2020.

The email said: “Hello-----this is LadyG and welcome to the Ujamaa Harvest Friends & Family Share Group. Your join date is this Sunday, August 30th. Your “Water” is-----. You will send your gift of $500 via Bank Transfer as your initial gift. The phone contact number is (…). Please call so You can find out if there is another the preferred way of Gifting upon reaching out. Please note Send your Gift by 12noon Sunday. Thank you for seeing the vision. Please reply to confirm your entry date and you’ve completed gifting. Then Your Membership info Will follow. NOW LET’S CREATE GENERATIONAL WEALTH TOGETHER! Lady G.”

Few people were willing to speak to The Tribune on the record about the scheme and the Grants’ alleged involvement.

Derek Benjamin Demeritte Jr, a participant, said his cousin introduced him to the programme, and his mother and sister participated.

He said they later learned the scheme originated in the United States and was connected to people there.

He claimed when he complained about not recouping his investment, Ms Grant called him to say she would return his $500. He showed The Tribune a copy of what he said was his bank statement, which indicated that a “Shandlene Grant” sent $300 to his account sometime between January and March 2021.

He claimed Ms Grant promised to send the additional $200 to him but never did so.

“Up to this time now, I’m trying to reach out to them via the same way, social media, and they still wouldn’t call me and reach out to me to give me the balance of my money,” he said yesterday.

Dr Sands said people alleging the Grants owe them money should take their claims to court.

“I give somebody my money for a car, I don’t get the car, then I have the option of suing them,” he said. “I could bring an action against them in order to get relief.”

He added: “I think we got to be very, very cautious when we’re talking about reputations because these allegations get made with quote-unquote evidence that’s pretty weak, but once the allegation is made, the reputational damage is done, and then you don’t even get an I apologise or I’m sorry.”

Legislation criminalising pyramid, Ponzi and other financial schemes passed the House of Assembly in November 2020.