The Guyana Securities Council (GSC) delivered a letter to the offices of Citizenship Minister Winston Felix on October 25th last year detailing concerns about pyramid-type schemes which are currently the subject of a major police investigation as thousands of persons here might have been defrauded.
The letter dated October 24th has assumed significance as Felix in a statement on Monday said that he could not “recall ever receiving information in any format, whether orally or in writing, from the Guyana Securities Council”.
Questions have been raised as to why regulators and the ministries involved did not take more decisive action against the suspected Ponzi scheme operators.