The Securities Commission says “too many Bahamians are still falling victim to fraudsters” as it staged a training seminar for 28 Royal Bahamas Police Force officers to help better prosecute scammers.

Officers stationed in New Providence, Abaco, Bimini and Grand Bahama participated in training that sought to enhance effective prosecution of persons who promote illegal financial schemes such as pyramid and Ponzi frauds. The officers involved are members of the Royal Bahamas Police Force’s financial crimes and cyber crimes units, as well as prosecutions.

The seminar was held on Saturday, May 31, 2025, at the Securities Commission’s headquarters in Poinciana House. It was led by Gawaine Ward, senior manager of the regulator’s enforcement department. The training addressed what constitutes a financial scheme, and highlighted the criminal penalties contained in the Financial and Corporate Services Providers Act 2020.

“Too many Bahamians are still falling victim to fraudsters, who manipulate them into losing money in scams and frauds. In fact, they are often recruited to push these schemes on to their family and friends. We hope that this presentation will help to protect the public by increasing effective prosecution of people who promote financial schemes in The Bahamas,” Mr Ward said.

Section 46 (2) of the Financial and Corporate Services Providers Act stipulates: “Any person who launches or establishes, promotes, markets, or advertises any financial scheme, or invites or recruits any other person to join in a financial scheme, commits an offence and is liable on summary conviction to a fine not exceeding $100,000.”