ECSRC Warns Residents of Fraudulent COVID-19 Related Scams

Residents on Montserrat are being advised to be aware of fraudulent investment offerings that are being circulated via the internet and other channels.

According to the Eastern Caribbean Securities Regulatory Commission (ECSRC), the scams are currently being promoted as a financial relief option from the COVID-19 pandemic as a cover to target unsuspecting or vulnerable individuals in times of economic stagnation and downturns.

The ECSRC says any of the offerings can come from Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

The general public should be suspicious of persons who contact them to invest quickly or promise high returns on their investment.

The ECSRC says these schemes are usually operated in violation of the law by evading legal requirements such as obtaining the necessary licenses or authorizations to raise funds from the public for collective investment purposes.

The ECSRC says they will continue to take the necessary measures to prevent securities fraud in the Eastern Caribbean Securities Market.

Therefore, if anyone is aware of or have been the victim of a fraudulent scheme in Montserrat, they are encouraged to contact the ECSRC or the Royal Montserrat Police Service.