Z Live: Off The Record W/ Zhivargo Laing - October 9 2025

[00:00:00] Speaker A: Radio, your station for up to the minute news and intelligent, interactive and engaging conversations. 96.9 FM. The views and opinions of the hosts and guests are their own and do not necessarily reflect the views of the management and staff of Guardian Radio. [00:00:22] Speaker B: I'm not afraid. I'm not afraid to take a stand. Take a stand. [00:00:28] Speaker C: Z Live with Chicago Lang is brought. [00:00:30] Speaker D: To you by RF Banking Trust, Bahama's first General Insurance Company, City of Hope. [00:00:35] Speaker C: Bahamas Atlantic General Insurance, Southwest Plaza Fidelity Banking Trust and Star General Insurance Made Simple. [00:00:47] Speaker D: Welcome, welcome, welcome ladies and gentlemen to D Live. I'm Chevago, I'm your host. Just glad you could join us here today on Guardian Radio, 96.9 FM on this beautiful Thursday afternoon. I trust and hope that you are doing well. Still coming to you live from Flagstaff, Arizona. And it's a still pretty comfortable here even though this elevation is getting to me. I like. But if you want to give us a call today on the show, you can do so on 323-6232. That's 323-6232 or 325-431-6325-4316. You can call us from the Family Islands on 242-300-5720. You can text us on 422-4796 or you can WhatsApp me on 439-3043. That's 439-3043. We are live on Cable Bahamas Channel 969 or you can catch us on BTC Flow Channel 612. That's BTC Flow Channel 612. We have on the first half of the show we have some special guests for you, give you some information, important information about what's going on this week. And then in the second half we will take up a couple of issues that I have from the securities Commission of the Bahamas. We have Mr. Benson Russell, the Assistant Manager of Enforcement. We have Mr. Vernal Smith who's senior investigations Officer, enforcement. And then we have Steve Bonamy who's also part of the enforcement group. And this week, well, what we're talking about is Iosco World Investor week with them 2025. Welcome, welcome, welcome, gentlemen. [00:02:52] Speaker E: Thank you very much. Mr. Lang. Good afternoon to you and good afternoon to the audience. [00:02:56] Speaker D: Always a pleasure to have you all come on because we know what you all have to talk about is so important to people who have monies trying to grow their money, trying to protect their money, trying to preserve their money and all that kind of stuff. And so always as well Just tell us what the securities Commission of the Bahamas is first. [00:03:17] Speaker E: Okay, so the securities Commission of the Bahamas is the regulatory body that is responsible for overseeing investment funds, securities, financial and corporate service providers, digital assets and registered exchanges. Also Carbon Credit trading, one day when that we have, we have sight of that as well. And in general, the capital markets of the Bahamas. [00:03:42] Speaker D: Okay, so anything that I might be, or these people who are listening might be out there trying to get involved with, related to moving capital, securities trading, investing, that kind of stuff, it comes somehow into the ambit of the securities Commission? [00:04:05] Speaker E: Yes, it does. [00:04:07] Speaker D: Okay, now tell us what Iosco is. [00:04:11] Speaker E: Iosco is the standard, the international global standards for securities commissions worldwide. It stands for International Organization of securities Commissions. And it's headquartered, I think in Spain. And we fall as a member, as a securities commission, we are a member of Ioscope. [00:04:37] Speaker D: Okay. And apparently in point of fact, the Prime Minister of the Commonwealth of The Bahamas proclaimed October 2025 Investor Education Month. [00:04:48] Speaker E: Yes, he has, thank you very much to him. [00:04:51] Speaker D: Okay. And so on. That education that we are trying to give the public would encompass what? [00:04:59] Speaker E: Well, for this year, Iosco has determined the theme for this year's in World Investor Education Week. They have identified technology and digital finance, artificial intelligence, fraud and scam prevention and crypto assets and basics of investing. That is the focus of this week by all members of, by our school worldwide. [00:05:33] Speaker D: Man, that's a big, that's some decent big topics. Let me slow you down a little bit because you, you, you, you, you trying to overwhelm us, okay? Technologies and digital finance. [00:05:44] Speaker E: Yes, sir. [00:05:44] Speaker D: Okay. [00:05:45] Speaker E: Yes, sir. [00:05:46] Speaker D: So all those crypto this and crypto that, and that's involved somehow along those lines, right? [00:05:52] Speaker E: Correct, correct. [00:05:53] Speaker D: And then we, and then, oh man, listen, we can have a conversation today. Then we got AI because artificial intelligence is in, is bleeding itself into all kinds of things. So it'll be interesting to. And then of course, any person who has an email account or WhatsApp account or any kind of other social media account would be featured to all kinds of offers from all kinds of people trying to scam them. It's true or not true? [00:06:24] Speaker E: Quite true. Once you have a social media presence, any kind of online presence, you have exposed yourself to the persons out there who go about their jobs, their daily routine, which is to separate you from your money. [00:06:47] Speaker D: Fellow WhatsApp me the other day he had a Nigeria number tell me. He was calling me from camp from California about a Samsung offer. [00:06:58] Speaker E: He's a, he's a very good businessman. [00:07:01] Speaker D: I said, man, you Got a Nigeria number calling me from California and you got a Sam's about a Samsung proposition. I said, okay, I know we global. My antenna went up and I said, you know what, that's okay. And I just blocked the number. [00:07:18] Speaker E: Thank you very much, Mr. Mr. Lang. I wish, I wish many more people would do that. [00:07:22] Speaker D: If he had a billion dollars with me, I wasn't gonna get it. I didn't get it. So let's, so, so, so let's look at it. Let's, let's, let's look at these things in turn. [00:07:36] Speaker E: Man. [00:07:36] Speaker D: Like, what are we seeing in the Bahamas? First of all, first of all, I believe we are active securities market in the Bahamas, right? We got Bizx, we've got lots of funds coming on stream through the various brokerage firms and so forth and so forth. So we're getting much more active, aren't we? [00:07:59] Speaker E: Yes, we are. And I'd just like to on that point, since BCX came online, I think was In August of 2000, we now have a population that's very much aware of the possibilities as it relates to investing in local products. And I think. No, no, I'll just say that we're more aware and more savvy as to the possibilities that are out there. Now how you go about doing these sorts of things is where sometimes we get in trouble. But it's very good to know that the payment public at large is interested in investing. [00:08:49] Speaker D: The thing about it that a lot of people don't realize is like when you talk about investing, a lot of people think individually and personally, I'm going out there and I'm going to try buy stocks and bonds. But the truth of the matter is while there are many people investing, there are very many people invested through funds that their pensions may be, they don't know it, but their pension fund administrators or managers may have invested them in products, whether those are bonds or stocks. And so people may also be participating in just individual funds that their brokerage firms have been offering and so they invested that way. And then you may have one or two people who are trying to buy stocks by themselves. So, so, so people should pay attention not because they are directly trading or buying and selling stocks, but because they could be invested in many other ways. [00:09:44] Speaker E: Eh, Quite correct. There's, there are many very different avenues in which you, you can invest in our jurisdiction. When it comes to basics, you, you should go through, through your, your, your brokerage firm. You ought not try and do it on your own because that's against the law. And there are. There are many products out there that that can be invested in. [00:10:10] Speaker D: Okay? So let's say I'm Charlie Smith. I didn't do a couple YouTube videos teaching me how to trade. I probably took a course doing something, and I feel like I could help people trade, buy and sell socks, right? And I thought, I'm talking about in the Bahamas. So I start putting myself out there and telling people, listen, man, I couldn't. Is that possible. [00:10:38] Speaker E: Mr. Lang? It is possible. [00:10:41] Speaker D: No, no, no. My name is Charlie Smith. I trying to get us. I'm trying to get in the business of helping people buy and sell stocks. [00:10:49] Speaker E: Okay, Charlie Smith. [00:10:50] Speaker D: And I just put. [00:10:51] Speaker E: Charlie Smith. Listen to me. Listen to me, Charlie Smith. What you want to do is very good, which is very. Is very good on the face of it. However. However, before you get started, you need to get yourself a license by the securities Commission, the Bahamas, to allow you to give advice to anyone on any investment product. That's a start. You have to start there. You need license. [00:11:19] Speaker D: I need a license. This is a business I'm setting up. I need a license from the securities Commission to do this business. [00:11:24] Speaker E: Correct. [00:11:25] Speaker D: Okay. And that would entail for me what? [00:11:32] Speaker E: Definitely you have to form a company because the laws only recognize companies. [00:11:40] Speaker D: Okay, So I can't do this as a sole proprietorship? [00:11:43] Speaker E: No, sir. [00:11:44] Speaker D: I can't do this as a partnership. [00:11:48] Speaker E: A partnership I'm talking about. [00:11:50] Speaker D: Not a limited partnership. I'm talking about as a partnership company. [00:11:53] Speaker E: A limited company. Oh, gracious. You and your boy. No. [00:12:01] Speaker D: Okay. We have to have a. We have to form a commerce and then make an application to the securities Commission business. And that applications review would look like what? So I could prepare myself. Because I'm trying to do it the right way. You know, as you said, it's a good thing I want to do, but I have to do it the right way. So what kinds of things would my application involve? [00:12:23] Speaker E: Firstly, I would have to say that you have to go onto our website, www.seb.gov.bs and on that website, there's a section called forms. And you'll find all the forms that you need to complete in order to do most things with the Commission. And that includes applying for. [00:12:45] Speaker D: For. [00:12:45] Speaker E: For a license or. Or to be registered for. For any. [00:12:49] Speaker D: Give me the webs. Give me the website again, please. [00:12:51] Speaker E: Yep, it's www.scb.gov.bs.bs. [00:13:01] Speaker D: Okay. All right. And then I can get the form. And the form would give me all the details about. Correct what it is I need to do. [00:13:10] Speaker E: Right. And you would. You would. You would fill these forms out and you would submit them to the commission, and then someone will contact you, presumably. [00:13:19] Speaker D: Also, there's some documentation and the like I'm gonna have to submit along with my application? [00:13:24] Speaker E: Definitely, yes. It'll tell you what all you have to do. You have to attach with the form. [00:13:30] Speaker D: Okay. But I went on. So. But I'm. I went on a. On AI and I asked AI about how I could set up an investment scheme for me and my members. And AI told me what I could do and how to do it. And so now I'm talking to my membership about setting up this scheme so that they could invest. And then I go ahead and start setting up my schemes. People start giving me money. I'm a pastor. God is my guide. Am I doing the right thing, Pastor? [00:14:01] Speaker E: I would advise you, Pastor, to get on your knees and pray for guidance because you have missed a step. [00:14:08] Speaker D: Not AI Guidance. [00:14:10] Speaker E: No AI guidance has caused you to miss a step, and now you are misleading your flock, Pastor. [00:14:17] Speaker D: Okay? So I thank you for that. And you know, I want to do the right thing. So what did AI not tell me? [00:14:26] Speaker E: AI did not tell you that you need to go to the securities Commission and seek a license. [00:14:33] Speaker D: Oh. So when I plug in my search for. When my. Plug in my information for AI, I sort of said in the context of the Commonwealth of the Bahamas, and it may have said to me, then you need a license from the Bahama Securities Commission. Even as a church grouping. [00:14:49] Speaker E: Even as a church grouping. [00:14:53] Speaker D: Because you are sure you are hearing this church people? [00:14:57] Speaker E: Because the. Let me go further with that. The law allows for. And if I'm not correct, Mr. Vaughan could tap me. The Financial and Corporate Service Providers act allows for groups of not more than 16 persons to form themselves into a collective investment grouping. It can't be more than 16. And if the 16 of you decide that we're going to invest in something so we can put our money in some stock or some. Some offering, that's fine. [00:15:37] Speaker D: And I don't need to come to the securities Commission for that. [00:15:39] Speaker E: No, you do not. Now, once you get to 17, me. [00:15:43] Speaker D: And 15 of my boys. You and 15 of your boys, my family members. Me and 15 in my church groupings, we could do that, but no need to do that. But, Pastor. One, I want all 200 of my members in this. [00:15:55] Speaker E: You had 17. You're wrong. Once. Once you. Once you hit 17, you have. You have to come and see the commission. [00:16:01] Speaker D: Okay? And there's no dollar limit Attached to even what us 16 could do. It's just that it has to be 16 correct or less. [00:16:14] Speaker E: 16 or less correct. 16 or less. Whatever you guys are going to be doing. Some people I know we had a matter where there was a group who did some real estate purchases and they were less than 16. [00:16:29] Speaker D: Okay. Well, my name is Charlene. Charlene all Michigan. The other day I met up with some people who have a program where if I join their program and I invite other people to join the program, as people buy into the program, I get a certain amount of money and then I get more money money the more people I bring into the program and I promise those people, the more people they bring into the program, they'll get some monies. And so I'm excited about this. It's great. Seems like a great opportunity to get rich, really just to make some extra dollars. I come back to the Bahamas, I start talking to all kinds of friends of mine and neighbors and relatives and we start meeting in a school and start signing up people and so forth and so forth. I could do that. [00:17:18] Speaker E: Charlene Albrey, Section 2 of the Financial and Corporate Providers act defines a financial scheme at paragraph E and it lists nine different items of what if not of what is defined in the act. One of those items is, is an item where you bringing in persons to collect. You'd be bringing. The persons are promised to receive monies and get a lot. That's defined. That's a plant scheme and I can't do that. No, no, no, no, no, no, no, no. That's. [00:18:06] Speaker D: I can't even apply for license to do that. [00:18:08] Speaker E: Let me, let me, let me, let me, let me break it down for you even further. A financial scheme includes any scheme which is a business structured in such a way that the returns or an investor client earns is directly tied to the number of persons they recruit to join the scheme, the amount. [00:18:27] Speaker D: So no multi. Every multi level scheme is a financial scheme in the definition of the law. [00:18:38] Speaker E: No sir, no sir, no sir, no sir, no sir. [00:18:42] Speaker D: Not every. Not every. [00:18:43] Speaker E: No sir, not. Not every. Not every. Because I'm gonna. Okay, I'm. I'm gonna call a name for you right now. [00:18:49] Speaker D: Okay. Okay. [00:18:50] Speaker E: Well, most behemoth know about Amway. Amway is a multi level marketing. Marketing program. [00:18:57] Speaker D: It is. Yes. [00:18:58] Speaker E: The difference with Amway is that there is a product that is, that is being sold. You can purchase the product, you receive the product, you get, you get goods in return for your money. [00:19:10] Speaker D: And the person who does and sets that up is Getting a commission on the sale for those products. [00:19:15] Speaker E: Correct. [00:19:16] Speaker D: You're not getting a commission for bringing people in. [00:19:20] Speaker E: Correct. [00:19:20] Speaker D: With no product sale. [00:19:22] Speaker E: Correct. There is a feasible, tangible thing at the end of the day that you can touch, see, smell, feel these other things. Right. And I'm just going to just quickly say the amount of size of the income of any one person earns while participating in the scheme depends on the person's rank in the scheme. So you get ranked in these things. So the higher your rank, the more you supposedly earn in commissions. Here we go in another one. The amount of size of the income of any person earns while in the scheme is directly tied to or depends on the person's success in recruiting. You see, you see the trend here. [00:20:02] Speaker D: Yeah, yeah. My business is recruiting. And I don't have no business of selling that name in the recruitment business. [00:20:11] Speaker E: Right. But recruiting is even worse because once we, once we get. Once we establish the fact that you are involved in a scheme. Section 4, 2. While section 4 defines what is the requirement for a license, it also says that this does not apply to a scheme. So financial schemes, right there, they are disqualified from getting a license. Right there. [00:20:44] Speaker D: The last time you were on, you also mentioned that if you are someone promoting this scheme. So people, they say, well, me, I know I'm not. I'm not doing it per se, but people about it and I'm getting people to go to the meetings and so forth. My understanding is that's also a problem. No. [00:21:00] Speaker E: Section 462 of the National Corporate Providers Act. Any person who launches or establishes, promotes, markets or advertises any financial scheme or who invites or recruits any other person to join, is in a financial scheme, commits an offense and is liable on summary conviction to a fine not exceeding 100,000 Bahamian dollars. [00:21:26] Speaker D: Hold on, hold on, hold on. So Rev was telling people, but this in church, Sunday morning meeting going to be on next week, Saturday. Reb telling people that in church, the civic organization had a meeting. The president, vice president, treasurer, talked to people about this. You telling me that if they are promoting this scheme, they're committing off could make them liable to find $100,000. [00:21:49] Speaker E: Rev is a promoter. Rev is a promoter. I don't care. Well, sorry, that's being hard. Rev may have some good intentions. [00:22:03] Speaker D: He wants members to be prosperous. I understand that. [00:22:05] Speaker E: I understand that as well, you know. But good intentions are the road to hell. [00:22:11] Speaker D: So we're gonna take a break right now. We have a question I want you to look to when we come back. Says a similar product scheme like Armweb be replaced with a service. So you're not selling products, you're selling a service. When we come back, we'll see live. Ladies and gentlemen, we're talking to members of the securities Commission of the Bahamas and we're talking about Investor education week under IOSCO's declaration of this month as Investor Education Month. We'll be back after this break. [00:22:59] Speaker A: This October, Bahama invites you to indulge your senses at the Culinary and Arts festival where world class flavors meet breathtaking creativity in the heart of the Bahamas. Join us October 22 through 26 for an unforgettable celebration featuring culinary legends Marcus Samuelsson, Dario Zecchini, Simeon Hall Jr. And Scott Conant. Alongside a vibrant lineup of chefs and mixologists, explore captivating art installations, interactive workshops and live performances all set against the stunning backdrop of Nassau's premier luxury resort. From curated tasting events to beachfront feasts and immersive gallery experiences, this is more than a festival. It's a feast for the soul. Tickets and packages are going fast. Visit Bahamar.com to reserve your spot at the culinary and arts festival at Bahama. And talent takes center stage. [00:23:58] Speaker E: Cancer Treatment Centers of America is now City of hope, creating one of the leading cancer care and research networks from coast to coast, providing more of what you need. More locations means more care. Closer to home, more specialists means more expertise, more research means more breakthroughs, more advancements means more treatment options. And more options means more hope. Learn [email protected]. [00:24:32] Speaker D: Don'T wait for a storm to arrive. [00:24:34] Speaker F: Stock up on hurricane supplies, make home. [00:24:36] Speaker D: Repairs, purchase a generator and more this hurricane season with a Fidelity personal only. Make that move today. Call 356-7764, Fidelity. [00:24:49] Speaker B: We're good for you. [00:24:59] Speaker D: Love the show. [00:24:59] Speaker F: Want to give your support. Become a sponsor today. Call 302-2300 for our rates and packages. That's 302-2300. Become a sponsor on Guardian Radio 96.9 FM. Fresh news, smart talk all day. [00:25:17] Speaker A: This is Guardian Radio 96.9 FM. Fresh news all day. [00:25:27] Speaker B: I'm not afraid I'm not afraid to take a stand Take a stand everybody, everybody come take my hand come take my we'll walk this road together through the storm Whatever weather, cold, the warm Let me know that you're not alone if you feel like you. [00:25:52] Speaker D: Welcome back. Welcome back, ladies and gentlemen to Z Live. I'm Chicago. I'm your host. I'm so glad that you could join me here today on Guardian Radio 96.9 FM on this beautiful Thursday afternoon. Don't forget, come Monday, don't turn. Well, keep your channel here for two o'. [00:26:13] Speaker E: Clock. [00:26:14] Speaker D: But if you want to hear Z live, we'll be starting Tuesday, Tuesday next week. Tuesday we'll be starting on at 12 o' clock from 12 to 2, not 2 to 4 anymore. 12 to 2 starting Tuesday. Remember, Monday is a holiday. We have with us today. Mr. Benson Russell, Assistant Manager Enforcement. Reynolds Smith, Senior Investigations Office Enforcement. Steve Bonamy, Enforcement. From the securities Commission of the Bahamas. We are talking about Iosco's World Investor Week 2025. In particular technology and digital finance, artificial intelligence and fraud and scam prevention as main themes of this Investor Week campaign. And before we left a text asked. Okay, so we're Amway, but we're not selling cleaning supplies and the like. We're selling crypto currency trading seminar spots. So there's an actual seminar that you can go to learn about cryptocurrency trading. Is that a problem? [00:27:35] Speaker E: Okay, first of all, let me just say the commission does not or has not at this time. We have not licensed education as it relates to securities training. So if someone wants to claim that they are educating and issuing lessons and I'm going to choose my words very carefully. If you are supposedly teaching someone about the digital space, about the crypto space and you choose this is something you want to do for a living and you're going to charge people a fee to learn at your feet, so to speak, does not fall under the Commission's review at this time. [00:28:28] Speaker D: Okay, what about, what about again, I set up a situation in which it's the service I deliver is pest control. But what I do is if you bring me a client, I pay you a certain amount for every client. And then if the people you bring me bring people, I also give you something for those people that they recruited. And I get them some people. Some people. But the service is pest control. [00:28:57] Speaker E: No, that sounds like you. You have, you're giving people a find this fee in your business. [00:29:03] Speaker D: So this is not a scheme. Not a scheme? [00:29:04] Speaker E: No, that, that does not fall under, under the remit of the Commission. [00:29:09] Speaker D: Okay, Right. That's a business. You need to go get your license from the government. [00:29:13] Speaker E: Go and get your business license from Inland Avenue. [00:29:16] Speaker D: However you market it, that's a different story. So long as you are delivering a service. [00:29:20] Speaker E: Correct? Correct. [00:29:21] Speaker D: Or selling a product. [00:29:23] Speaker E: Correct. [00:29:24] Speaker D: Okay, so what is entailed for the commission with respect to the investor month slash investor week? So what are you doing with the kinds of things people could Expect beyond what you're doing now coming on the shows to try to give people some information. [00:29:43] Speaker E: Well we have that has been launched via the social media platforms we know we, I don't remember last year we started the watch your money campaign and that has that we're continuing that. We have some short clips and short videos that have that are out right now and various social media platforms which speak to being very much aware of your financial and potential spending of your money environment. So I would urge the public to go first of all they're on our website again www.scv.govbs and on our website there's a section where you can go and look under World Investor Week 2025 and you should see some of those videos there. If they're not there you can also find them on various social media platforms. TikTok, Instagram and I'm not certain, I think it's on YouTube as well. [00:30:53] Speaker D: Let me ask you a question. Why is this even important? This my money. I take in the risk. So I go out and get myself something and it ain't wake up. Well, what's the problem? Why does the securities commission of an insurance an interest in how I win use my money and lose it or succeed with it? Why? [00:31:14] Speaker E: To have to have a properly equity must come to clean hands. That's a legal saying. And you must have trust in capital markets. And how am I supposed to operate a clean capital market when I have people who are held bent on breaking the rules at every turn. [00:31:38] Speaker D: The blind crooked insurance company crooked. The brokerage firms crooked. There are people doing whatever the heck they want to do putting out all kind of offering memorandums out there ain't checking nothing. We don't know what the deal is with their bonafides. And I mean so we got a wild wild west and I'm supposed to have a stable and functional financial system. [00:32:00] Speaker E: In that way the crooked banks are dealt with by the central bank. The crooked insurance companies are dealt with by the insurance commission. And persons who are who are going against the grain of the law in the securities field will be dealt with by the securities commission. Because we have to ensure once again that our capital markets are properly regulated. [00:32:27] Speaker D: Now, now, now, I mean listen to me. I, I, I don't know but these folks and what they doing with artificial intelligence, right? Let me tell you something. AI is one boss tool. It ain't perfect, it can't do anything. And you still have to know what you're doing. But you got folks now gentlemen who could go take AI and Set up offering memorandum, talking about they setting up their own fund administration fund and they could stop an absolutely wonderful looking offering memorandum and then start putting that out there to people. And ain't everybody savvy? They looking at this company good. And I fellas, I'm offering me 13 return on my money. Them banks only giving you little quarter of percent and all that kind of stuff. Is that not a huge challenge? [00:33:27] Speaker E: It's a challenge. I would not say at this stage huge, but it is a challenge. I'll let my colleague, Mr. Vaughny Chime in here. [00:33:39] Speaker G: What I would say to that is that whenever anyone is approached by an individual or group of individuals who say that they should invest their money to get what is considered to be a large return on their investment, they should step back a bit. And what they should do is check to see whether that investment professional is licensed. And they should do some research in the opportunities independently before investing and avoid those say that you get rich quick or you can't lose. And slow down your decision making and ask some more questions. Because what you need to do is understand that expected returns cannot be guaranteed. They can't. And you should distrust. Sorry, yeah, go ahead. [00:34:32] Speaker D: Sorry, go ahead. No, go ahead, sir. [00:34:34] Speaker G: You should distrust anyone who tries to pressure you into making hurried investment decisions and never feel rushed and ignore over the sales, over the top sales pitches and pressure to invest right on the spot. And then you should, if you get any suspicious requests to wire money out of the country. That's one thing, that's one thing you need to be aware of. And the other thing is you should never disclose your personal information on an unexpected call or the communication. So, you know, you need to step back and just take your time and refer to people who know about these things. Even call us at the securities Commission so that we, and we can tell you if it makes sense or not. [00:35:24] Speaker E: 3974100, you can call us and ask us a question. [00:35:31] Speaker D: You know, you know, those are great guidance for you folks listening today. And the thing about it is, beware of this in finance. This is fundamental, that risk and returns go together. The higher the return, the higher the risk. So if you see somebody telling you, yeah, you could make 25%, you better ask them now tell me what all the risk is. And what is risk? Risk is probability or possibility of loss, right? And so you gotta know if somebody putting out there's something that sound too good to be true, you should call Mr. Russell and them and say, listen man, this sound good. And I got excited but could you talk to me and tell me how I could think through this before I go? Trying to press, right? [00:36:18] Speaker E: Correct. [00:36:18] Speaker D: Risk and return go together. [00:36:20] Speaker E: Correct. And I must, I must, I must say that we just got a call. Just this morning, before I left the office, someone did call and presented a situation where there is high pressure sales tactics going on for some gentlemen to invest in a product. [00:36:42] Speaker D: Yeah, it happened. [00:36:45] Speaker G: That's the boiler room. The boiler room, we call that the boiler room practice. [00:36:52] Speaker D: Mm. You go to, you, you even pull up to, you go to some of these big time stores, the big name stores in the US you go to the mall and you go to pay for your little, your one pants. Would you like to apply for credit card? No, I wouldn't. You wouldn't like to save 15? No, I wouldn't. Not even if I know I wouldn't. But sometimes, you know people, the people who are trying to sell you something fraudulent, they're not the people trying to say they even worsened. They sometimes talk to you like you stupid. Oh, yes, we have a call on the line. Go ahead, caller, we're listening to you. [00:37:29] Speaker H: Hey, gracious, usually. Mr. Lang, how you doing? And your guest, how you doing? [00:37:32] Speaker D: Thanks, man. [00:37:32] Speaker E: And good afternoon, sir. [00:37:33] Speaker H: Wait a minute. Question, right. I had serious intentions on investing into Google Maps, right. Would the Security Commission allow me to make that investment or census or overseas without problematics trying to invest in the Google Maps? [00:37:51] Speaker E: Sir, the commission does not regulate how you would go about investing your money. Like Mr. Lang said earlier, why are you telling me how to spend my money? But the question comes in, when you're going to place your money into a financial scheme that looks and has all the trappings of a financial scheme, which suggests that you're about to lose your money, the commission will say to you, or will say to the general public, be very careful, do not do that. That's not something that you ought to do. But if you want to go and invest in the financial scheme after we say so, go right ahead. Same token, by the same token, if you want to invest in any Wall street product, those things are regulated. [00:38:47] Speaker D: So, yeah, that's where the challenge comes in, is that you have to get. You have to go through the central bank in order to do that, or you can go through a brokerage firm that will do the necessary to go through the central bank, correct? Correct. But you can't just do it. You can do it, but we won't be doing it lawfully. [00:39:05] Speaker G: And right now in the Bahamas, the only two entities that do that for Bahamians. [00:39:13] Speaker D: So, so, so you, you just. So it's not a question of the securities Commission, it's a question of your not violating each control regulations in doing so. [00:39:23] Speaker E: Correct. [00:39:25] Speaker D: Okay, we have a text here, says, I've come across some AI generated office here in the Bahamas and I recognize the AI hallucinations caused by garbage in, garbage out, prompting. How can I forward them to the Commission when I come across them? [00:39:41] Speaker E: If you have them saved, you can send them to our email. Our email address is info info cb.govbs. [00:39:59] Speaker D: This is another good question. [00:40:00] Speaker E: Or you can send them to enfdept and sorry, enfdeptcb.gov BS either one of those email addresses you can send to us. [00:40:16] Speaker D: This is another good question. If Google Maps or some other company, foreign company, is soliciting Bahamians, do they have to be registered in the Bahamas? [00:40:29] Speaker E: Yes, if they are specifically targeting Bahamians. If it's a, if you're targeting Bahamians, yes. Now if Bahamians come upon upon something on the Internet, that's a different story. But if you're targeting, if you're targeting Bahamians, you must be registered. [00:40:46] Speaker D: Okay. Because you are now doing business in the Bahamas. [00:40:48] Speaker E: Correct. And the law says in or from. [00:40:52] Speaker D: Okay, okay, okay. The. I, I get this question a lot from people and I just want you to put it in the context of what the securities Commission does. They come to me and they say, like, what you think about, what you think about investing in, in cryptocurrency. [00:41:14] Speaker E: Okay, that's the question. That's the question. [00:41:18] Speaker D: I'll tell you what I tell them after you tell me, in the context of the securities Commission, what's the Commission's role? [00:41:25] Speaker E: Cryptocurrency will be viewed as a digital asset. And the act, the Digital Assets and Registered Exchanges act, we call it the DARE act, would speak to the means by which that is treated. Now, a lot of Bahamians understand the word cryptocurrency, but they don't understand what cryptocurrency is. And while I have this, this moment, Mr. Lang, if you would allow me, please. There are many, many individuals who, who have determined that they would like to invest into some form of cryptocurrency by some, through, through some, through some program that they would have come across whether it may be a scheme, whether it may be legal. What I would like to say to you today is first of all, they're going to ask you to create a digital wallet. Please keep the identification number of your wallet. You need that number. That's number one. Number two, whenever you send money out of your digital wallet, please record the number of the digital water you sent it to. That's vital. That's your receipt please. Bahamians who feel as though they're going to be experimenting in digital space and experimenting with cryptocurrency, keep keep the number where you send your digital currency because like mommy say when Rao day come you're going to have, you're going to have to need, you're going to need those, those numbers to do to assist you. [00:43:22] Speaker D: And is it true that according to a global anti scam alliance that nearly $1.026 trillion has been lost to consumers 1 worldwide in 2024 alone in scams, 78% of participants experienced at least one scam. [00:43:41] Speaker E: That is quite, quite, quite correct, Mr. Lang. And we expect 2025 number to be higher if you, if you the Bahamas numbers are also rather high. [00:43:58] Speaker D: Oh I listen man, I know a plenty, I know plenty things plenty people plenty. You know, you know what happens though what, what is happening to, to is too many people like even listen even people with good income who may even be business people etc but, but, but the cash little type or they like to get over to that next level and these people sending these things and, and the, and, and, and, and these perfect. These are, these cameras are professional. They look good man, they sound good. [00:44:31] Speaker E: Like I said earlier, Mr. Lang, these persons get up every morning just like you and I and go to work. Their work is separating you from your money best way possible. And also you know, even the best of us who sometimes feel as though okay, I am so smart, I am so intelligent and swing me I can go and do my research. I'm going to find myself a investment. Here I go. I'm going to put my money into this thing and I'm going to make some money. Okay? You just invested in a fake website, sir. Ma'. Am. And you just lost all your money. [00:45:13] Speaker D: But you and the commission say smart investors check whether an investment is professional. [00:45:20] Speaker E: Correct. [00:45:22] Speaker D: Smart investors research their investment opportunities opportunities independently before investing. [00:45:27] Speaker E: Correct. [00:45:28] Speaker D: They avoid get rich quick and can't lose schemes by as we were said earlier, slowing down their decision making and asking questions. Right? [00:45:39] Speaker E: Correct. [00:45:40] Speaker D: And they understand that expected returns are not guaranteed. That was said earlier too, right? [00:45:45] Speaker E: Yes, it was my. Yes it was. [00:45:48] Speaker D: And they then they distrust anyone trying to pressure me. Don't pressure me broke. This is my money. Don't tell me. But I need an answer that you need an answer right now. The answer is no. [00:45:57] Speaker E: Let Me add in one more slice of pie for our listeners. When you come across an investment opportunity, it's a simple process. You do an Internet search on that name, look for complaints. That's all. Let's just say, for example, we're going to use Guardian Radio. Garden Radio has. You find it on the, you find it on the Internet and it looks like there's something, there's something good. I want to invest in this. I'll put some money in this thing. Simply take that name, Garden Radio, put it into any search engine and search complaints. Invest complaints. And if Garden Radio is a legitimate entity, you're going to have what's going to come back. It's going to say good or something like that. No complaints. But if that gun radio has one complaint that's going to show up, trust me. [00:46:59] Speaker D: Now I rushing you all. If you all got to go, you all got to go. But the other questions people have, I mean if you could stay after the news break then that'd be good because somebody got some very interesting questions. [00:47:10] Speaker E: A lot of weapons here. [00:47:12] Speaker D: Okay, Excellent. Ladies and gentlemen, you're listening to Z Live. I'm Shivagar Lang, your host. We're going to take a break from using. When we come back, we continue our discussions with members of the securities Commission of the Bahamas. We're talking about Worldwide Investor Week. We'll be back after this break. [00:47:47] Speaker I: In the face of a storm, it's not just buildings that get tested, it's all of us. Insurance isn't just about repair. It's about recovery. So when the wind's ready on the path forward, having insurance can mean the difference between starting over and starting stronger. So talk to an authorized agent or broker of Bahamas First General Insurance about how the right coverage can support you through this season and whatever comes next. With Bahamas first, you're in safe hands. [00:48:14] Speaker F: In all seasons for fast, reliable and impactful printing services. [00:48:18] Speaker E: Look no further. [00:48:19] Speaker F: Let Printmasters bring your masterpiece to life. We stand by our quality products that are second to none. Our affordable, pricing and friendly, efficient staff makes Printmasters the ultimate choice for all your printing needs. We can deliver any type of printing services from banners to booklets to business cards. You name it, we can print it. [00:48:37] Speaker B: Let Printmasters bring your masterpiece to life. [00:48:40] Speaker F: Located the Nassau Guardian Building. Telephone 302-2361. [00:48:44] Speaker C: Boost your buying power with a margin loan at rates as low as 7.5%. A margin loan offers convenient flexibility, freeing up capital without liquidating your investments. Whether you're looking to diversify, fund a business opportunity or refinance higher cost debt RF provides access to cash within 48 hours for any purpose. Tailored, effortless, powerful. Discover how a margin loan can work for you, visit rfgroup.com or call 603-6000. RF bank and Trust Money at Work. [00:49:16] Speaker A: This is Guardian Radio, your station for up to the minute news and intelligent, interactive and engaging conversations. [00:49:46] Speaker B: Alone. [00:49:52] Speaker D: Welcome back welcome back ladies and gentlemen to Z Live. I'm Chivago Lang, your host. So glad you could join us here today on Guardian Radio, 96.9 FM on this beautiful Thursday afternoon where we're speaking with Mr. Benson Russell, Assistant Manager, Enforcement Securities Commission of the Bahamas. Vernal Smith, Scene Investigations Officer Enforcement Steve Barnamy, Enforcement this is Iosco's World Investor Week 2025. The Prime Minister has declared this month Investor Education Month and so the bomb securities. The securities Commissioner Obama is out here providing public education, particularly identifying in this 2025 Investor Week technology and digital finance, artificial intelligence and fraud and scam prevention as major themes during the course of this gentleman this question always comes up. Always comes up. Mr. Lang, I find it strange that the commission polices every finance scheme and structure, but doesn't police ESU draws that pose equal if not more risk? Can your guests explain why? [00:51:16] Speaker E: No, the commission does not regulate ESU drawers and we don't regulate ESU draws. [00:51:27] Speaker D: But quite frankly though, I mean with great respect to the Dexter, no, I don't think that ASU proposed as much or more risk because you typically get a group of individuals who know each other and agree not to get a return on an investment. They don't get any return. They don't get any more money than they put into a program. They just get it at a particular period of time. [00:51:54] Speaker E: Correct. [00:51:55] Speaker D: So that they can, they can get, it's like a very short term loan on rotation. So what is, what is the risk? The risk is you didn't get to know the person you are going or person or persons you are getting into this ASU with and somebody doesn't throw their hand and which means then now if the other people throw their hand, you get, you come up one hand short and it kind of kicks the thing out of loop. But somebody in Idaho to purchase some bonds or current cryptocurrency etc and never will see that money nor them ever on planet Earth. I'm sorry, you cannot make that computation. There's the next text here says if the scams are so high, why are we moving to digital currency? It said that it should be safer than cash. Yes sirs. [00:52:54] Speaker E: We are moving to digital currency. I'm not aware of that. I know the Bahamas is the first country to have come up with what they call a central bank. [00:53:11] Speaker D: A central bank backed digital currency. [00:53:13] Speaker E: Right, A central bank backed currency. [00:53:16] Speaker D: And, and it's less. It's just like your dollar. [00:53:19] Speaker E: It is just like the dollar central bank. Right. So when, when you see that kind of thing happening there, there are regulations in place to deal with that. [00:53:29] Speaker D: Right. I mean it's just like if, why would you, do you feel risky taking a Bahamian dollar for something? Why you don't. Because it's backed by the central bank. [00:53:42] Speaker G: Right. [00:53:43] Speaker D: All the central bank has done is created a digital version of that. Now can I, can I just say, because you guys explained this when you were on last. I think people have to remember no one is you, no one is saying anything is inherently fraudulent or a problem. What you are saying is there are things the people who are providing these things must do to be licensed to ensure that you've done your part in saying, okay, we've licensed them so they've done the minimum to assure us that they could be in this business. And then you're saying to the investor, you need to do your work to ensure that you understand the nature of the risk you are taking. Is that not true? [00:54:39] Speaker E: That is very much correct, sir. And also, you know, we have to deal with that, with that attitude where a lot of people, and I'm not singing of my Bahamians but worldwide people tend to say that or they take a lazy approach. You know, they say, okay, I'm just going to just take my money and do this and place it here and expect a return without doing their homework, without doing the background checks. And that's what people do not want to do. They're lazy and they don't want to do these day they complain. [00:55:20] Speaker D: I think that last text made such a fundamental point that we really require some like clarification. Again, the point being if something is so risky, let me, can I tell you, there are risky investments out there and there are people who make the risk, they do take the risk. A lot of them are called sophisticated investors. [00:55:51] Speaker E: Correct. [00:55:52] Speaker D: Because people, because they are regarded as people who one have the wherewithal to understand the complexity of that environment and to take that risk and who have the wherewithal to take the loss if they have it. [00:56:09] Speaker E: Correct. [00:56:10] Speaker D: So just because something is risky doesn't mean a person won't invest. What it does mean is these are people who understand the nature of the risk. They're prepared to take that risk and they can absorb that risk when it happens. So this notion that something is risky and nobody should invest, that's nonsense. There's no such thing as a risk free investment. No such thing on planet Earth. Even an investment, government bonds, comes with a risk that a government could fall. Look at the government of Greece. [00:56:41] Speaker E: Correct. [00:56:41] Speaker D: Governments. Governments default on loans, so there's no risk. That's not what the securities Commission is saying. The serious commission is saying, know the risk, know who's presenting that risk and be sure that they are properly and duly licensed to do what they are doing in offering you what they're offering. True or not true, gentlemen, you hit. [00:57:04] Speaker E: The nail right on the head, Mr. Lang. That's quite correct. And like I alluded to earlier when we first began, you have to ensure that our space, our financial capital market space, is as clean as possible. And that includes ensuring that persons are adhering to the rules in whatever space you're in, whether it's banking, whether it's insurance, whether it's real estate or securities. [00:57:34] Speaker D: We have a call on the line. Go ahead, caller, we're listening to you. [00:57:38] Speaker H: Mr. Lang, just one more question and one statement. The statement is the higher the risk, the higher the reward. And the question is a question, why is central bank cut off point at 12 o'? [00:57:48] Speaker E: Clock? [00:57:49] Speaker H: You know how much money people lose doing business by the central bank while cutting off at 12 o'? [00:57:54] Speaker E: Clock? [00:57:55] Speaker H: That don't make no economical or business sense at all. So why is that in place? [00:58:03] Speaker E: I cannot speak to central bank and they're out of operations. [00:58:09] Speaker D: Yeah, and I'm not, I'm not sure what he means by cut off either. I don't know what that. I don't. So maybe when the Central bank is going to come on soon enough. And so we'll relax them. You can get that question answered there. This says. Good afternoon, Mr. Lang. Very good show. What does the Security Commission do when someone takes people pension and severance money and invested without the people consent and refuses to give it back? This was done to the people of City Market. [00:58:43] Speaker E: We actually. Okay, first of all, the pensions in this country have not yet properly been, I want to use the word regulated. [00:59:00] Speaker D: Placed under the regulatory arm of somebody. [00:59:05] Speaker E: That'S very trying to get. Mr. Lang, your pensions have not been properly placed as yet. So, so, so. And, and that instance that the lady is speaking, that text her is speaking about, that's rather unfortunate. Rather unfortunate. [00:59:20] Speaker D: But, but, but two, but two. But two pensions oftentimes represent pension programs. Oftentimes represent a contract between the pension fund and the investor. Right. You. So when, and when you do that, you give them the fund. Now I'm not speaking specifically for that, I'm speaking for just generally you give the fund the permission to invest money. Now you have, you have to be very diligent in ensuring that you have confidence in that investment manager, the funds manager, and so forth and so forth. Right. But generally this is a contract, not. Is it not? [01:00:08] Speaker E: It is. And also when, when you, as, as a member of a, of a pension, you ought to ensure that you know exactly how your fund, how your pension fund manager is going to be dealing with your money. [01:00:26] Speaker D: Which is often in the documentation. Correct that again, to your point. I don't want, let me let. Some people may be lazy, some people may be incapable and then, you know, but you, you don't be fooling around with reading them documents too much. [01:00:42] Speaker E: Yeah, you know, you want to hide something, but it put it in writing. But yeah, the, the, what I'll also say is, you know, when you, when you're about to do these sorts of things, you have to, there's a part where at the beginning you state what your risk tolerance level is. And so you can say that you want low risk, medium risk or high risk with your money. That's dealing with your pension fund administrative as a group to have your pension funds administered in a high risk environment. And in high risk environment, your pension fund administrator loses all of your money. You should not complain because this is what you agreed to now. [01:01:31] Speaker D: Or you can complain now if you stole it, right? [01:01:34] Speaker E: If you stole it. That's not the story. That's not high risk. That's Tiffan. [01:01:39] Speaker D: Yeah, yeah. This text says, hi, Mr. Lang. ASU holders these days now end up getting more than their share because they take out a holder's fee, sometimes up to $100 they take out of each person's draw. Not sure if this was always this way. Yeah, but that's a, if they take out a management fee and you agree to that, that's not a return on an investment for them. That's something that they are paying themselves to manage the fee. Just like brokerage firms get management fees for investing, the returns go to the investor. In the case of asu, there's no return to the investor. They get exactly what they put into the, to the draw. If they put in 10 hands of 100, they get $1,000, they don't get $1,100, they don't get $1015, they get $1,000. True or not true, gentlemen? [01:02:24] Speaker G: That is correct. [01:02:25] Speaker E: ASUS are not an investment product. ASUS are an old, old, old savings program. And it's, it's, it's like you say, whatever you put into it, you. You get it all back. But so if you want, definitely not. [01:02:44] Speaker D: An investment program constructed as one, it's not correct. Now, gentlemen, so what happens when somebody sends into you some information that says these people are setting up a fraudulent scheme? What happens with the commission when that goes to the Commission? [01:03:06] Speaker E: The first thing we would do, we would begin to look at exactly what type of information that we have. If we're dealing with someone who's saying, I went on this particular website and I was able to get this information, and here I am about to invest my money, we would check out that website and we'll see how that is targeted to Bahamians. If it is targeted to Bahamians. And the two things with that one, is it targeting Bahamians or is it not? In either event, once we recognize what type of scheme is going on, then we would more than likely issue. The first thing we would do is issue a public notice and warn the public to be very, very careful of this thing because this thing is not licensed by the Commission and it appears to have some of the markings of a financial scheme. That would be the first order of business and dealing with information like that. [01:04:16] Speaker D: Okay, what have you found out and discovered? That Ichavago Line was giving investment advice to people on investment products. But I'm not licensed with you. [01:04:31] Speaker E: Zhivago Lang would more than likely be told to cease and desist such activity. More than likely, if Chicago Lang insists on such behavior, there is. Chivagar Lang stands a very, very real possibility of finding himself placed before the court and charged with giving advice without having a license. [01:05:02] Speaker D: And for any number of the breaches under the securities act of the Bahamas. Is it just fines or is it fines and. Or imprisonment or fines and imprisonment? What are some of the penalties for breaching provisions in your law? [01:05:23] Speaker E: If you are a registrant or licensee of the Commission, I would say that mainly there will be fines. [01:05:33] Speaker D: Okay. [01:05:35] Speaker E: I'm thinking now of an. A prison time that has been sent. And I think that's only one section of licensee. The others are non registrants, non licensees, and that begins with prison time and then fines together. [01:05:56] Speaker D: Okay, it says, I was charged $100 for late fees, and the Commission can't do anything about that. Charge $100 for lay fees for what? What you need to tell me for what you mean for asu? Do you mean an asu? Manuel Siri is asking this question though. The commission you want to come is this for asu? You want a commission to do something because the people tell you that you have a fine hundred dollars because were you laid your draw in late? [01:06:29] Speaker E: Did you, did you sign some, something to pay this money, wherever it is that you're paying it on time and you're late paying to paying the money and then they, when they charge you a late fee payment or even if. [01:06:41] Speaker D: You, what's in your contract, you didn't sign anything. Did you have an oral contract with the people that says, you know, you're going to be in this. If you're late, you got to pay a hundred dollars. If you agree to that and you make that first draw, you have a contract, you know, you know, it goes back to what you said about rao, you remember? Give me that quote again. You made a quote about rao. [01:07:07] Speaker E: When route they come. [01:07:08] Speaker D: Yeah. When Rowdy come. Yeah, See, you see, we get into these things sometimes, you know, and we all have good intentions, you know, but if you don't and I don't pay the sufficient attention to the details when row day come, now we need somebody to bail us out. And one of the things I think you mentioned last time was even if the commission discovers the people you were dealing with were fraudulently dealing with you, while the commission will deal with them in terms of prosecution, that's not meaning, that doesn't mean you can get recovered your money, right? [01:07:47] Speaker E: Unfortunately, that is correct because, and that is first of all, let me say right now we have begun looking at asset recovery. That is one of the things that we're starting to focus on. So we'll see how that goes for us because we're really looking into that space at this time. But when you would have given your monies to these individuals or entities and your money somewhere in Uganda and you here in Nassau and the person somewhere in Canada, there's only so much that we can do about that. We may get with the assistance of our international partners to maybe get one or two persons arrested. [01:08:34] Speaker D: But yeah, a lot of times these scammers aren't wealthy people per se. I mean they kind of taking the money and they living their life out day to day. And by the time as you even catch them if they got something, you're lucky. [01:08:52] Speaker E: I, I, that is very, very much correct. There's a, there's an instance I'm thinking of right now where right Here in our very own 242. [01:09:04] Speaker D: Man. Man. I was watching a documentary where this lady scammed scam people out of millions of dollars. Millions of dollars. And when they catch a shame. She was living the life of radish. Woman was going to Hawaii and living for three months. [01:09:18] Speaker E: She was. She was flying first classes and tours. [01:09:22] Speaker D: Oh, she was living the life. [01:09:23] Speaker E: Oh, yeah. That's what they do because they. That again. That's their way of life. That's their means of living. That's how they live their life. That's their job. That's their career. You have a career. You're a businessman. You're a radio host. That's your career. I am a regulator. That's my career. Some people get up in the morning and their career is to relieve you, steal from you, take from you by whatever means possible. All you have worked hard for. I get you today, bro. [01:09:59] Speaker D: Watch Beekeeper. Watch Beekeeper. You ever see that movie? [01:10:03] Speaker E: No, I've seen it come up. I'm not. I've not. [01:10:07] Speaker D: You guys in the commission should watch that. Watch Beekeeper. [01:10:10] Speaker E: Okay. Okay. [01:10:12] Speaker D: See what precipitated the actions of the star in that. [01:10:17] Speaker E: Okay. Okay. [01:10:18] Speaker D: Watch me. Trust me when I tell you watch Beekeeper. You give me a call when you didn't watch it. [01:10:24] Speaker E: Okay? [01:10:24] Speaker D: Give me a call. Give me a call when you're not watching. You don't even have to watch the whole thing. You just watch the first quarter of it and you call me and say, oh, I see what you're saying. [01:10:34] Speaker E: Okay, definitely. We'll do that call on the line. [01:10:38] Speaker D: Go ahead. Callable. Listening to you. Hello, yes, yes, we're listening to you. [01:10:45] Speaker H: In tune with your conversation and with your guests and with the ASOS. A2 has been going on in the Bahamas for umpteen years and late fees. But now I know a lot of things have changed where people who holding those drawers are responsible to ensure that each one of those clients are paid on time. And if it's a late fee, then they penalize because we call it bootleg bank saving. They don't. We don't spend all our money. We put it into a savings, which is a suit. Now with your caller that you have as a host. Not your caller, your host, he was saying that if a person give an advice that is sound that you should not invest in this particular business. And he gives sound advice, not being a licensed person to give the sound advice, he will be criminal incriminated. Yeah, but under which statue? Why? [01:12:03] Speaker I: Right. [01:12:04] Speaker H: If I used to practice law and I Don't practice law no more. And only thing I said to this individual can you be careful, be aware, don't sign no agreement with no attorney or no nothing. Why should I be persecuted for telling them the truth? [01:12:23] Speaker D: No, but that's different. That's different. That's different. First of all, a lawyer is a lawyer. Is a lawyer retired or not? Now the question is whether lawyers this bad or not. If a lawyer is this bad lawyer. [01:12:35] Speaker H: No lawyer in the Commonwealth of the Bahamas being sent by the government, all lawyers. [01:12:43] Speaker D: What I have to do with any. [01:12:44] Speaker H: Own money to go to school. [01:12:48] Speaker D: Everybody hold a minute, hold a minute. Are you interested in getting some information and guidance on this matter or you came to lecture us about the matter? [01:12:59] Speaker H: I'm not, no. I'm just trying to get a clarification why that. Okay, if I'm given. [01:13:05] Speaker D: So, so, so, so that. That's the point. That's the point. Can't. Let me ask you a question. Can a lawyer if it can a person who studied law practice law in the Bahamas if they are not registered with the Bahamas bar? [01:13:20] Speaker H: Can he study law? [01:13:22] Speaker D: No. No. Can a person who studied law practice law in the Bahamas if they're not registered with the Bahamas bar? [01:13:37] Speaker H: No. [01:13:37] Speaker D: You. You. [01:13:37] Speaker E: You. [01:13:38] Speaker D: You want to answer my question or you want to answer your question? Can you practice law if you are not registered to do so in the Bahamas even though you are studying United. [01:13:49] Speaker H: States of America or in United Kingdom? [01:13:53] Speaker D: No, no, no, no. But I'm in the Bahamas. I'm in the Bahamas. They have a bond. They have a. And even in the United States of America you can't study law school in your neighborhood unless you do additional things. [01:14:06] Speaker H: We have one law school in Nepal. [01:14:09] Speaker D: Thanks a lot, brother. Thank you very much. I appreciate you calling. I appreciate you calling. Thanks a lot. I think the point you made Mr. Russell is you cannot give professional financial advice advice as a practice in the Bahamas without being this license to do so by the commission. Is that not true? [01:14:30] Speaker E: That is correct, sir. And that. [01:14:32] Speaker G: And that is. And that's the point that's clearly set out in the Financial and Corporate Service Providers Act 2020. [01:14:38] Speaker D: Okay, that's the point. [01:14:41] Speaker G: That is the point. [01:14:42] Speaker D: Nor can you, nor can you practice law practice law in the Bahamas if you are not registered with the Bahamas by association. [01:14:53] Speaker E: I think that's the case. I don't think. I don't think a law a attorney can practice in the industrial section without being permitted to buy the bar. [01:15:03] Speaker D: Yes. Cannot do so. Cannot. You could be a QC in America. I mean The UK and then you come to the Bombers practice, you got to go through the bar. [01:15:13] Speaker E: I think so, yeah. [01:15:15] Speaker D: No, whatever that arrangement is, that's made between you and the, the client or the attorneys whom you have to pass through the bar. That's one of the, that's one of the rigidities in the Bahamas. Same thing with practicing medicine in the Bahamas. You could study all the medicine in the world you want to study. You're not. You're not licensed by the Medical Board of the Bahamas. You can't. In the Bahamas. That's just, that's the nature of things. [01:15:39] Speaker E: Correct, Correct. [01:15:40] Speaker D: So. So similarly, I have a lot of financial and economic knowledge. I have a lot of it. And when people call me and ask me, lang, you know, I'm looking at this investment, etc, I said, let me explain something to you. I am not licensed to give financial advice. There are brokerage firms that are licensed to do so. But I could tell you this. When I look at a certain something, this is what I do. That's all I could say, this is what I do. But I'm not giving you any advice because I can't. I'm not trained. I'm not licensed to do that, even even though I have some training in it. The license, I'm taking the right approach. Right. [01:16:16] Speaker E: Licensing is a very important part. That's, that's the key element in the whole equation. You must be licensed to do these sorts of things. [01:16:26] Speaker D: This person said, yes, I signed, but I was very high. High. That is a very high fee. I don't think was right. Will the Commission regulate and allow regular payments to invest in the international markets is the question. [01:16:44] Speaker E: Okay, let me see. Let me see if we can clarify this a little bit. If you decide to take your money and you want to go through a broker in America and be a. But if you want to invest into the American capital markets within with an American broker, you do not need the permission of the Commission for that. The only mission that you would need is from the central bank how you, how you, how you move your monies out of the country. [01:17:25] Speaker D: And that's what they're regulating more than anything else is the movement of the money. They're not regulating your investment. [01:17:30] Speaker E: Right. [01:17:31] Speaker D: They're regulating your movement of the money. Because if you lose that money and all kinds of payments are doing that, then you lose a lot of foreign currency in that way, and you could destabilize the parity of the Bahamian dollar with the American dollar right now. [01:17:46] Speaker E: Also, if you want to invest in the local and or the international capital markets and you sign on with one of the local brokerage firms and you give them instructions. Again, the brokerage firm is licensed and registered with the commission. So you, you, you, you, you, you good there. The problem comes in, the problem comes in when you go to non licensed, non registered individuals or firms and you now say you want to be in getting involved in investments anywhere, whether it's here or international. These individuals or apparent firms do not have any kind of licensing. That's the problem. [01:18:47] Speaker D: But you regulate the people who offer certain services having to do with securities trading. You don't really regulate me as an investor, do you? You just educate me and try to protect me through your regulation of those who are operating in that space. True or not true? [01:19:13] Speaker E: That is correct. We do our very best to ensure that the investors have the best available knowledge. And that knowledge must be available publicly for you to make the best decision as to how you can go and invest your monies. And that's a part of our mandate to protect the investors while at the same time strengthening the public and institutional confidence and integrity of the capital markets. [01:19:47] Speaker D: Okay, we have to go to a break. We have some more questions for you, but when we come back, we'll answer. We'll ask them. Ladies and gentlemen, we'll be back after this break. You're listening to Z Live. I'm Chevago Lang, your host. [01:20:09] Speaker B: Let me know that you're not alone. [01:20:21] Speaker C: Boost your buying power with a margin loan. At rates as low as 7.5%, a margin loan offers convenient flexibility, freeing up capital without liquidating your investments. Whether you're looking to diversify funding a business opportunity or refinance higher cost debt, RF provides access to cash within 48 hours for any purpose. Tailored, effortless, powerful. Discover how a margin loan can work for you. Visit rfgroup.com or call 603-6000, RF bank and Trust Money at work. [01:20:53] Speaker F: This October, let's come together for hope, support and strength. [01:20:57] Speaker A: It's the Sister Sister Breast Cancer Support. [01:21:00] Speaker D: Support group Dollar Day happening Friday, October 17th from 7am to 10am Right on the Nassau Guardian grounds Carter Street. [01:21:07] Speaker F: And the best part, with just $1, you can help make a difference in the fight against breast cancer. Every dollar counts toward awareness, education and support for women battling this disease. [01:21:20] Speaker D: Come out, drop a dollar and stand with us for a cause that touches so many lives. [01:21:25] Speaker F: Join us on Friday, October 17th from 7am to 10am and let's turn every. [01:21:31] Speaker A: Sister Breast Cancer Dollar Day proudly sponsored by the Guardian Media Group. Star 106.5 and Guardian Radio 96.9. [01:21:39] Speaker F: As a healthcare professional, you dedicate your life to caring for others. But even with the best care, legal challenges can arise. Protect your practice and your peace of mind with medical malpractice insurance from Star General. At Star General, we've partnered with Lloyd's of London to bring you comprehensive professional liability insurance designed specifically for those consulting or practicing privately. Visit our website today so you can focus on what you do best, caring for your patients while we take care of the rest. Star General Insurance made simple. [01:22:10] Speaker D: Southwest Plaza has so many stores, I've been trying to find a sensible way to list them all. There's CBS Bahamas, the Ashey Insurance Institute. [01:22:17] Speaker C: BEMC Snack World, Bamboo Shack, Bahamas. There the Athlete's Foot and BTC Games and more John Bullpine Threads Alive Bahari Dairy Queen 700 wines and spirits, Andy's Clocks and Island Lock, Starbucks and Lowe's Pharmacy. [01:22:30] Speaker E: Plus Marcos Pizza and Lorraine. [01:22:31] Speaker D: Southwest Plaza. [01:22:33] Speaker E: What a wide array of stores. [01:22:35] Speaker D: Southwest Plaza. Stop by today and explore. [01:22:38] Speaker A: This is Guardian Radio 96.9 FM. Fresh news. Smart talk all day. [01:22:49] Speaker B: I'm not afraid. I'm not afraid to take a stand Take a stand. Everybody, everybody. If you feel like you. [01:23:13] Speaker D: Welcome back. Welcome back, ladies and gentlemen to Z Live. I'm Shabbat Gulang, your host. So glad you could join us here today we're speaking with members of the Skewers Commission of the Bahamas. This is Investor Week so declared by Iosco and Investor Education Month so declared by our Prime Minister. And we have with us today Mr. Benson Russell, the assistant manager Enforcement. Vernon Smith, Scene Investigations Officer enforcement. Steve Bonamy, Enforcement. I don't want see none of them come into my office or house or nothing except they come in to educate me on something. This text says can the commission do anything for the individual that invested in Red Lobster Opportunity. [01:24:09] Speaker E: Red Lobster is Red Lobster Bahamian a behemoth investment. [01:24:15] Speaker D: I think the franchise. I think the franchise. He must be Bahamians, you know, in the Bahamas, as far as I'm aware, a franchise. He has to be a Bahamian. Even if the branch national operation. [01:24:28] Speaker E: I'm now being. I'm just now remembering what that is. I am unable to comment on that at this time for various reasons. [01:24:40] Speaker D: Got you. Let me ask you a question because. Because Pastor don't want to get himself and no problems. He said he wants to set up an opportunity for the commissioner Commission to educate him and his members. Is that possible? [01:24:56] Speaker E: Pastor wants to set up an opportunity for he and his members. [01:25:00] Speaker D: Yeah. To be Educated. So, so maybe you guys can come in and talk about stuff and so you could say, explain these schemes and how to avoid them and stuff like that. Is that possible? [01:25:09] Speaker E: Oh yes. Oh yes. I'm going to put, I'm going to put my Investor Education department on notice right now and put them back against the wall. Just contact the commission and request someone to come and speak to your, to your group. And I'm quite certain that the Investor Air Unit would be most happy to assist you with that request. [01:25:35] Speaker D: He said this text says the people in. Well, okay, some people are still asking about Red Loss via Barawak X and again, you can't comment on it. Okay. For obvious reasons, folks. So. All right. So you can go and provide some education to groups that may require it. That way we know we all avoid problems. What are among the things right now that you are wanting to say to investors? To tread with caution in the environment we're in. I, I could tell you gentlemen that I don't know where they get the email from, but always be popping off my email with all kind of stuff. Okay, so kind of stuff. I even get people telling me thank you for placing the order. I said, bro, I ain't place no. And I don't say nothing. I just, I send myself. I ain't place no other with nobody. I ain't clicking on that email. I ain't clicking on. Or you just want. This is our second request and after the third request you're going to lose it. I ain't clicking on that email. You'll keep sending it. Thank goodness. Artmail normally do a pretty good job of sending things to junk mail. You know, sometimes they get mixed up but, but, you know, but what's out there? What do we need to be careful and concerned about? [01:26:56] Speaker E: Okay, so let me, let me, let me add in this, this, this bit because there's a right now when people are going to be looking at some of these things coming at them, these programs and schemes. One of the things that has been touted is that you can go to a bitcoin or a cryptocurrency atm, send in your money to this program. If someone tells you to do that here in the Commonwealth Bahamas, that is a major, major red flag because there are no Bitcoin ATMs in the Bahamas. None. So if someone tells you that you can upload your money to a bitcoin or a cryptocurrency ATM in the Bahamas, that is not true. And that is, that's a major what. [01:28:04] Speaker D: They'Re telling you is they're telling you you couldn't like so. Because I'm not sure so. So they may tell me, listen, you could invest in the bitcoins. So I give you a card, you get, I, you get my money off my car. And then they will say yeah, but you could draw down on your investment through an ATM in the Bahamas. That's what are they said. Are they sending me to an ATM machine to put money in? Because if they know ATM machine to put money in, I can't lose the money. [01:28:31] Speaker E: Okay, so two things there. One, there is a, there are three programs that I'm aware of here in the 242 where as a part of the program they promise to give you a card where you can access through any ATM your digital wallet and receive your funds. Also on the other side is that sometimes they advertise that you can access a Bitcoin or a cryptocurrency ATM and use this card at said machine to send and or receive funds. If they're telling you you can do that here in this jurisdiction, it's not true. [01:29:26] Speaker D: Why I'd like to see a Bitcoin ADM in America. [01:29:29] Speaker E: There are several. There are over 4,000 in the U.S. [01:29:34] Speaker D: Really Bitcoin just like exclusively reserved for bitcoin or just, or that they are like you have a pad that you can access your stuff through the machine, but it's a bitcoin itself atm. [01:29:46] Speaker E: So the way I understand it to work is that you, you can, you can, you can upload money to your digital wallet and it goes direct your, when you put, when you put your fiat currency into the machine, it goes to your, to your wallet because you have a card that is, that is, that is chipped or programmed to your wallet. If you want to make a withdrawal from your digital wallet, you can use your card, go to the same machine and you can down. You can, you can download and withdraw X amount of dollars. [01:30:23] Speaker D: Actually I'm reading some say the 31,000. [01:30:26] Speaker E: Okay, see it's way 31,000 in the U.S. i can tell you the majority of those machines are located at gas stations and some at gas stations and some convenience stores. And you know Bahamians, many Bahamians have been a part of some of these financial schemes where they were told okay, you have X amount of money in your digital wallet and now you can collect so much thousand dollars. [01:30:56] Speaker D: We have another call on the line. Go ahead caller, we're listening to you. [01:31:00] Speaker H: Yeah, good evening, good afternoon. Z Live. And I want to commend you for this wonderful show that you are putting on today and the information that is being given to the public that's very important. At this time I want to ask your guest as it relates to pension plan, should all pension plans be registered with the commission? [01:31:26] Speaker E: No, sir. No sir. Pension plans right now do not fall under any regulatory umbrella as yet. [01:31:36] Speaker D: Wow. [01:31:38] Speaker H: That should be. That's kind of unfortunate because you have pension plan in this country what deals with millions of dollars between members. So how. Tell me something, how is pension plans regulated? [01:31:53] Speaker E: They're not. [01:31:56] Speaker H: They are not. [01:31:57] Speaker D: Not, not, not right now. There is a bit of regulatory, even uncertainty in that environment right now. But stay tuned. You raise a good question and I'm sure nature can fill that vacuum. [01:32:10] Speaker H: Yeah, I need information of how I can maybe speak to someone in the, in the Security Commission because for pension plans to be dealing with millions of dollars between its members and it's not. [01:32:31] Speaker D: But there's, but there's nothing they can do. What you need to do is speak to your elected officials. [01:32:38] Speaker H: Yeah. [01:32:38] Speaker D: Because regulations come under Reg. The who. What is regulated and regulated by who is a decision by your policymakers. So you need to have a conversation with your representatives or if you got access to these ministers and them or the Prime Minister. That's the conversation you need to have. Not with regulators. [01:33:00] Speaker H: Yeah, yeah. In that case, they need to really do something about these pension plans that is, you know, carrying so much millions of dollars for members and the members don't have a voice as to what goes on in the, in the pension plan. The pension plans are being governed just by directors and the members don't have any voice to elect or vote for direct to the board among themselves. And the members don't have any voice to even select elect members of the pension board. I think that need to be dealt with. That's what either the government need to deal with because your pension plans have millions of dollars. I'm a witness. I've been in one now from 1982. [01:33:46] Speaker D: Yes sir. [01:33:47] Speaker H: And yeah, I think, I think government needs to deal with that or be regulated. Now I know the credit unions, those are regulated by the central bank bank. They need to do something similar to that with pension plans because. [01:34:03] Speaker D: Stay tuned, stay tuned, stay tuned. So I think the point you make is very clearly made. Stay tuned. Okay, thanks a lot. Very, very clear point. Thanks a lot. This text says if our X was dissolved by the commission, what prevents them from answering the options available to those investors? Even if there are none? Clearly there must be somewhere people can get information Even if it is now outside the purview of the commission. [01:34:33] Speaker E: I. I understand the question, Mr. Lang. Unfortunately, I am unable to. To. To speak to. To. To that issue at this time. [01:34:45] Speaker D: Yeah. Okay, we can take our final break, ladies and gentlemen. When we come back, we will wrap. [01:34:56] Speaker B: Take a stand everybody Everybody come take my, come take my we'll walk this road together through the storm Whatever weather call the war Let me know that you're not alone. [01:35:19] Speaker A: This October, Bahama invites you to invite Indulge your senses at the culinary and Arts festival where world class flavors meet breathtaking creativity in the heart of the Bahamas. Join us October 22 through 26 for an unforgettable celebration featuring culinary legends Daniel Boulud, Marcus Samuelsson, Barry Ochicini and Simeon Hall Jr. Alongside a vibrant lineup of Bahamian chefs and mixologists. Explore captivating art installations, interactive workshops and live performances all set against the stunning backdrop of Nassau's premier luxury resort. And don't miss an electrifying live performance by global superstar Lenny Kravitz, headlining the festival's welcome party on Friday, October 24th with a concert experience you won't forget. This is more than a festival. It's a feast for the soul. Tickets and packages are going fast. Visit Bahamar.com to reserve your spot at the culinary and arts festival at Bahama where taste and talent takes center stage. [01:36:15] Speaker I: Bahamar Storm it's not just buildings that get tested, it's all of us. Insurance isn't just about repair, it's about recovery. So when the winds die down, you're already on the path forward. Having insurance can mean the difference between starting over and starting stronger. So talk to an authorized agent or broker of Bahamas First General Insurance about how the right coverage can support you you through this season and whatever comes next. With Bahamas first, you're in safe hands in all seasons. [01:36:45] Speaker A: This is Guardian Radio 96.9 FM. Fresh news, smart talk all day. [01:36:56] Speaker B: I'm not afraid I'm not afraid to take a stand Everybody, everybody come come take my hand Come take my we'll walk this road together through the storm Whatever weather Come the warm Let me know that you're not alone. [01:37:20] Speaker D: Welcome back. Welcome back ladies and gentlemen to Z live for these remaining moments of the show where we've been speaking with members of the securities Commission of the Bahamas as it was relates to Iosco's Investor Week and the declared Investor Education Month by our Prime Minister. We're going to do a little bit of rapid fire answers from yourselves, gentlemen. [01:37:50] Speaker E: Okay, Mr. Lang. If I wanted to before, before you get started, I just want to make this, this, this statement as it relates to the question that we've been asked about Arawak X. If anyone has a question, I've been saying that I cannot speak to that at this time, but please feel free to contact the commission. Contact us and we can speak to you once you contact us, but I won't discuss that on this show. [01:38:21] Speaker D: Okay. Thank you much appreciate it. [01:38:23] Speaker E: Okay. [01:38:26] Speaker D: If I, if somebody, if somebody suspects that was dealing with a company doing something and offering something in the area, securities, and they want to know whether the people are licensed with the commission, what should they do? [01:38:44] Speaker E: Contact the commission or they can look. [01:38:47] Speaker G: On where the registrants and licensees, they're all listed there on the commission's website. [01:38:56] Speaker D: Okay. If somebody wanted to get some tips about how they should approach doing any kind of investing based on some of the information that you shared today, what could they do to get that more additional information? [01:39:13] Speaker G: We don't give tips on how to invest. [01:39:15] Speaker D: No, no. You, you know, you talked about what, being a smart investor. [01:39:18] Speaker E: Yes. [01:39:19] Speaker D: So you had some of the. Yes. I'm saying, are they, Is that information available on the website as well? [01:39:23] Speaker G: Yes, it is. [01:39:25] Speaker D: Okay. That's what I was talking about. Yeah, you don't give. Invest. It's about how to be a smart investor. [01:39:29] Speaker G: Right, That's. [01:39:30] Speaker D: Those are the tips I meant. [01:39:31] Speaker G: Yes, yes, they're on the website. [01:39:33] Speaker D: If somebody, if somebody is, is concerned that some scheme or something is being, is out there, but they're not sure whether it's legitimate or not, what should they do? [01:39:45] Speaker E: Contact the Commission. [01:39:46] Speaker G: Yes. [01:39:47] Speaker E: And access. [01:39:47] Speaker G: Yes, they can give us, they can give us that information by. Either they can come in or call in or they can even send an email. [01:39:56] Speaker D: Okay. Somebody's asking for the number. I mean, it's, that should be easy enough to get online, but they might. [01:40:02] Speaker E: They were asking for a number, 3974100. [01:40:06] Speaker D: Okay. And if somebody collects them that they already know to be unlawful, but they don't really want to get themselves caught up in it, what should they do? [01:40:21] Speaker E: They can, they can contact the commission. They can, they can call the enforcement department and they can speak with one of us, they can send in an email to the enforcement department and they can share the information. But I would refer to, speak with the person and we can keep their identity anonymous. [01:40:41] Speaker D: Okay. And if finally somebody is curious about a business idea they have that involves securities, finances, financial advisement, but they're not sure whether they need to come to you or to go somewhere else. What should they do? [01:41:02] Speaker E: You can tag the commission and arrange to come in and have a meeting with us and you can present your idea and you will be told whether or not your idea falls under the remit of the commission or you have to go somewhere else. [01:41:16] Speaker D: Okay. Anything else you want to leave us with? We got two minutes left. [01:41:19] Speaker E: We just want to thank you at this time, sir, for allowing us this opportunity to come into the space and to share with you, your listeners, these valuable tips and information about invest, about being very careful with your investing. Nothing wrong with investing. Be very careful with how you spend your money and who you spend your money with. [01:41:42] Speaker D: So and, and you are. Because every player you are so forceful, you're so direct and it helps people to understand appreciate. Wayne, this is not a joking matter. [01:41:55] Speaker E: I mentioned this to you before. We have had again, thank you for allowing to come because this is a very popular space because we usually get calls after our appearance is here and people will say that oh, we heard you, I'm Mr. Lang show and we have a question or we have a situation. [01:42:13] Speaker D: Well, we appreciate partnering with the securities Commission in this regard and all the others. So thank you very much, ladies and gentlemen. You've been listening to Z Live. I'm Shiva Lang, your host. Have a great evening. God spares life. We'll talk to you again tomorrow. Do well.