Financial Expert Warns Against Alleged Ponzi Scheme

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NASSAU, BAHAMAS – Many residents are expressing concern over the legitimacy of a platform known as Creators Alliance.

Several individuals, including some from Grand Bahama, claim to have been unexpectedly removed from a WhatsApp group Wednesday morning.

This break in communication has raised fears that they may have been defrauded or fallen victim to an alleged Ponzi scheme.

Financial expert and CEO of O’Cof Securities Limited, N’Nhyn Fernander, says he was skeptical of the platform from the start.

N’Nhyn Fernander – CEO, O’Cof Securities Limited:
“Easy money is never good money in the first place, because you’ll never truly value it.”

Fernander offered advice on how to assess the legitimacy of online platforms promising large returns. He emphasized the importance of checking a website’s footer section to verify if the platform has proper licensing and insurance for the funds being deposited.

N’Nhyn Fernander – CEO, O’Cof Securities Limited:
“Everybody that came to me, I personally never minded it. It’s a few things that you look for when you go on websites when it comes to promising you funds. One of the things you want to look for in terms of legitimacy, you want to go directly to the footer section of the website. You want to see if they have any type of licensing in terms of what they’re doing… and you want to find out what type of insurance they have on funds that are being deposited.”

Creators Alliance reportedly offers investment packages ranging from $139 to $20,000, promising significant returns within a specified period. Members allegedly earn by engaging with videos on the platform’s website and are encouraged to recruit others.

Fernander called this a major warning sign.

N’Nhyn Fernander – CEO, O’Cof Securities Limited:
“Who are these people connected to, and how are they being paid?”

He further warned that the people behind such platforms could be fake, with no real identities or verification available.

N’Nhyn Fernander – CEO, O’Cof Securities Limited:
“These people can all be fake. These people don’t have to be real, have real passports, have real anything. There’s no true KYA behind it or anything like that. I think even down to knowing who owns this company at the registrar? Where are the bank accounts located?”

This is not the first time concerns have been raised about similar schemes. Authorities are now paying close attention to the situation. Police Press Liaison Chief Superintendent Sheria King confirmed that the Financial Crimes Unit has been made aware of the matter.

N’Nhyn Fernander – CEO, O’Cof Securities Limited:
“Typically, people find ways to easily prey on a group of people and then be able to, for their own personal gain, it’s a greed thing. And obviously, you’re looking for the lowest hanging fruit, you’re looking for the people that would fall for something.”

When Our News visited Creators Alliance at the Stop and Shop Plaza on Polaris Drive Thursday, the office still appeared closed.

As concerns mount, financial experts like Fernander urge the public to remain vigilant.

N’Nhyn Fernander – CEO, O’Cof Securities Limited:
“I would say to those people, they should take the time to figure out for their own self, how can I invest say $5000 into me or something that I want for my own self rather than investing $5k into something else.”