The Superintendent of Banks of the Dominican Republic, Alejandro Fernández W., reported that at the beginning of 2023 The entity will present to various social sectors the first proposals of its draft law through which the use of Ponzi schemes will be classified as a crime in any circumstance.
The Ponzi scheme as a “scam” pyramid projectaccording to various definitions on the web, with which scammers pay the interest on an investment with money already invested or with money from new investors.
“We already have a first draft, we hope by the beginning of next year, by January, to be presenting it to the media, and obviously also to the Legislative Power, to present our proposals to classify this type of activity, which in our opinion Opinion is an illegal act that destroys values,” Fernández indicated, while stressing that the Superintendency of Banks has hired several lawyers to be in charge of building possible legal regulations.
These statements come just as authorities on Wednesday arrested Wilkin García Guerrero, better known as Mantequilla, ataccused of fraud and who also used this scheme.
Regarding the Mantequilla situation, Fernández explained that the Superintendency did everything “everything possible, under current legal regulations” to try to stop the situation.
“At the time, more than two months ago, we did what we were required to do within the current legal framework, which was to issue an alert, a warning so that people would not fall for that, at the time we also invited the person (Butter) so that he approached the judicial authorities to see how this could be dismantled in an orderly manner and if I remember correctly the person what he did was mock me and our authority and there you see what has happened,” Fernández added.