Activist state

State Regulators Must Act Early to Stop Scams Gaining Credibility – Young Activist

The youth activist, Julius Kwame Anthony, called on regulators and state institutions to be proactive in their fight against financial scams and fraud.

According to him, the slow-to-act nature of state regulators allows financial scams and fraud activities to gain credibility, resulting in more people falling victim to these schemes.

“The easiest way for a Ponzi scheme to trap people in it is the initial credibility they build and beyond unemployment, beyond youth hunger and all those things, it’s the fact that the system allows this credibility to be built.

“Let’s look at Menzgold, even lawyer Maurice Ampaw invested in Menzgold because we allowed Menzgold to build credibility with the public. And then there are times when regulators are supposed to step in and save the day. Believe me, anyone can fall victim to Ponzi schemes, no matter how smart you are, you can fall victim to them.

“That’s 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 don’t wouldn’t know anything, no matter what we do, regulators are supposed to save these people from this situation, ”he said.

Speaking on JoyNews’ PM Express, he explained that the inability of state regulators to act early also significantly undermines their intentions when they eventually try to shut down the program’s operations.

“If you look at the DKM issue, it was the same situation. They were misrepresenting their finances and then the regulators didn’t intervene. Menzgold, I will concede that yes, the BoG and the SEC did a lot to warn the people, but beyond warning people, they should have stepped in and stopped this.

“By not stopping this, people who once believed in Menzgold’s credibility even felt that BoG was trying to frustrate a company. There were these comments, because they’ve already gained that credibility. So that’s what that had to be stopped at the beginning.

Commenting on the arrest of Patricia Asiedua aka Nana Agradaa, founder of Heaven Way Church for allegations of fraud, among others, he noted that like other schemes that had become prominent in the country over the past few years, State regulators had watched while Nana Aggrada gained credibility.

“Let us come now to the question of Agradaa. She also applied this same principle of buying credibility after her initial sika gari project failed or when people came to realize it for the fraud that it is. And she gained credibility by getting Christian affinity. And we have allowed this process to succeed as well.

“Because she sits on TV with the same methods she used for sika gari, she replicated that same method just with the mantle of Christianity and people still fall victim to it. So while we can blame regulators all we want, people have also been complicit in these problems. And I think Agradaa should have been stopped.

“I mean, when the issues of cheating and advertising these things on her TV came up, she was only fined and allowed to continue doing these things. So everyone is complicit in this problem but we have to save people that whatever we do they will be victimized and this is where the regulations come in… and Agradaa has to be used as an example for everyone in this particular case,” he said. .