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Ponzi Schemes in the Caribbean
Author:
Ana Carvajal
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,
Mr. Hunter K Monroe
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https://orcid.org/0000-0002-7109-3676
,
Ms. Catherine A Pattillo
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Brian Wynter
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Series:
IMF Working Papers
Volume/Issue:
Volume 2009: Issue 095
Language:
English
Publication Date:
01 Apr 2009
DOI:
https://doi.org/10.5089/9781451872422.001
ISBN:
9781451872422
ISSN:
1018-5941
Pages:
44
Keywords:
WP; stay of execution; government authorities close; public offering; Antiguan government; business activity; Pyramid schemes; Ponzi schemes; Caribbean; Ponzi scheme; securities regulator; Currencies; Securities; Legal support in revenue administration
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In several Caribbean states, unregulated investment schemes grew quickly in recent years by claiming unusually high monthly returns and through a system of referrals by existing members. These are features shared with traditional Ponzi schemes and pyramid schemes. This paper describes the growth of such schemes, their subsequent collapse, and the policy response of regulators, and presents key policy lessons. The analysis and recommendations draw on country experiences in the Caribbean, and in such diverse countries as the United States, Colombia, Lesotho, and Albania.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund