An investment scheme which financial regulators and some senior Government officials recently warned Barbadians about has reportedly crashed and left thousands with major financial losses.
Faced with allegations that they are operating a Ponzi or pyramid scheme, two female representatives from the company in question, TKY Media, told hundreds of “employees” on a Zoom call last night that they had no immediate answers about when they would get their money back.
One of the individuals, who identified herself as Kim “the trainer”, also told the meeting that “of course, we had some problems and issues with the banking system and so on in Barbados, and that caused a lot of the problems that we are now having”.
Earlier in the day, president of The Barbados Bankers Association, Shimon McIntosh, issued a brief statement when asked about the TKY matter.
He said that “as part of normal activities, banks regularly review client transactions to ensure they are consistent with their usual activity and profile to ensure compliance with anti-money laundering regulations
and banks’ own internal compliance and risk policies and procedures”.
The Fair Trading Commission and Financial Services Commission (FSC) have been contacted for a comment on the TKY affair which came to a head on Tuesday. That was when investors, who are called “employees” by the company but were to contribute funds and recruit others with the promise of securing financial returns, stopped receiving payment.
The TKY Barbados representative said during the Zoom meeting: “We know that a lot of you want to know mainly one thing, . . . ‘when will I get my money back?’ Now, a lot of us have also invested, we have not received anything free, and some of us are in the red in terms of money and so on,” she said.
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