Youth Activist, Julius Kwame Anthony, has called on state regulators and institutions to be proactive in their fight against financial scams and fraud.
According to him, the slow-to-act nature of state regulators allows the activities of financial scams and frauds to gain credibility thus leading to more people falling victim to these schemes.
“The easiest way for a Ponzi scheme to get people entrapped into it is the initial credibility they build and beyond the unemployment, beyond the hunger of the youth and all those things is the fact that the system allows that credibility to build.
“Let’s look at Menzgold, even Lawyer Maurice Ampaw invested in Menzgold because we allowed Menzgold to build credibility in the public. And then there are times when regulators are supposed to come in and save the situation. Believe you me, anyone can fall victim to Ponzi schemes regardless of how intelligent you are, you can fall victim.
“That is why regulators are there to save you because no matter what we do as a society, no matter how we educate people, as Jilly Cooper would say in her book Class, there are people who would know nothing about anything no matter what we do so the regulators are supposed to save those people from that situation,” he said.
Speaking on JoyNews’ PM Express, he explained that the failure of state regulators to act early also significantly undermines their intentions when they finally try to halt the operations of the scheme.
“If you look at the DKM…
