Dear Editor,

The Jamaica Observer on Wednesday, February 7 posted voice notes in which Jamaicans could be heard crying desperately because they had discovered that what was supposed to be their avenue to a breakthrough from poverty resulted in a great misery — a Ponzi scheme.

A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new investors. Organisers of Ponzi schemes often promise to invest the money and generate high returns, with little or no risk to the investors.

In the voice notes, one lady hollered uncontrollably, pleading for the return of her money — well, people’s money that she had borrowed. A man — in utter shock — noted that he borrowed $1 million to participate in the income-generating scheme operated by Warner Jamaica Media. It has been reported that thousands of Jamaicans have been scammed out of millions of dollars.

Undoubtedly, this is a very unfortunate situation. People have taken out loans, sacrificed their partner draws, and used large portions of their wages to invest in this get-rich-quick scheme.

Given similar schemes that have occurred before, and considering the prevalence of fraudulent or scamming activities nowadays, one is left to question how and why these victims were caught in such a web. Is it greed or desperation?

Admittedly, the average Jamaican wants to live comfortably and earn more, especially within this current economy. The regular 9-5 work shift has become burdensome and less profitable. People have concrete objectives that they want to realise, which demand a serious and steady inflow of money. Many of these ambitions are, however, accelerated and amplified by what is seen on the Internet and social media.

We live in a fast-paced world in which people want to achieve their goals right away. Fewer people want to make legal and moral sacrifices to reach to the top. There is a ‘now’ fever, which sadly shifts us from valuing life’s stages of progression and living in contentment. Certainly, life is hard for many, but the truth is that too many people are living above their means just to impress others. Some people had even resigned their jobs because, apparently, they had hit the jackpot.

Now who will rescue them from the losses and debts they have to repay? One of the characteristics of Ponzi schemes is that they appear to work well in the beginning. People will invest and get returns — significant amounts even — but after a while, the schemes crash. The unfortunate thing is that many of the victims do not even know the legitimacy of the operators behind these schemes. It is always important to do one’s due diligence when investing significant sums of money. If it is too good to be true, think twice about putting forward your money — or in some cases, people’s money.

May the victims bounce back quickly from this terror and may justice prevail in this situation while we bear in mind what the good book says in 1 Timothy 6:10 (Amplified version): “For the love of money is a root of all evils; it is through this craving that some have been led astray and have wandered from the faith and pierced themselves through with many acute [mental] pangs.”

Oneil Madden

maddenoniel@yahoo.com