DOMINICA: THE ISLAND NATION BESIEGED BY PONZI SCHEMES

A devastating report has emerged, revealing a complex Ponzi scheme that has ravaged Dominica’s economy and left the country on the brink of collapse. The scheme, masterminded by none other than the island nation’s Prime Minister, Roosevelt Skerrit, has seen millions of dollars siphoned from the government’s coffers to fund lavish projects, while the population remains mired in poverty.

The Scheme: A “Reverse Ponzi”

The scheme involves the sale of Dominican citizenships, with funds derived from these sales being loaned to the government for the construction of public infrastructure. However, instead of going into the national treasury, these funds are being diverted to private companies and individuals linked to Skerrit and his associates.

• Experts have dubbed this scheme a “Reverse Ponzi,” as investors never put their money into the venture but receive payments twice over for services rendered.
• The scheme has seen an estimated XCD $2.5-2.8 billion go missing or misappropriated, with only Skerrit and MMCE, the foreign company behind the scheme, having access to the funds.

Consequences of the Scam

The consequences of this scam are dire, with:

• Public housing and health centers constructed at inflated prices
• A lack of transparency surrounding the journey from planning to delivery of goods
• Unclear ownership of facilities

International Action Required

As Dominica struggles to come to terms with the scale of the fraud, international efforts must be made to:

• Target banks that facilitate the movement of funds
• Identify foreign assets linked to MMCE and its affiliates

A Collective Effort

The solution will require a collective effort from:

• Dominicans at home and abroad
• International legal challenges to recover stolen assets

Quote from John Paul II

“The future starts today, not tomorrow.” It is imperative that action is taken swiftly to bring this scheme to an end and hold those responsible accountable for their actions.