NASSAU, BAHAMAS- A Bahamian financial expert is warning the public to steer clear of “get rich quick” traps, as regulators intensify efforts to crack down on unlicensed investment schemes operating in The Bahamas.
N’Nhyn Fernander O’Cof, CEO and entrepreneur, says a lack of understanding around real investing is putting too many Bahamians at risk of financial loss. “From the dawn of time, any scheme that promises easy money has never truly worked out on a long-term basis for anyone,” O’Cof said. “People go in full force—no research—just because someone told them to or they saw someone else benefit.”
His comments come as the Securities Commission of The Bahamas (SCB) recently issued another warning over a suspected Ponzi scheme, this time flagging a platform called IncomeMax.
The SCB stated that IncomeMax, which actively promotes itself on social media, is soliciting individuals to send a minimum of $150 in cryptocurrency with a promise of receiving $1,500 in return. The regulator warned the platform is not licensed or registered and could be operating unlawfully under Bahamian law.
“Too often, people convince themselves that ‘this time will be different,’” said O’Cof. “If you’re going to invest—whether it’s gold, a business, or some product—you need to fully understand it. If you can’t explain it in a way a third-grader could understand, then you don’t get it.”
O’Cof stressed that understanding how money flows is critical to making sound investment choices. “You need to know: where’s the money coming from? How’s it getting to you? How are they making their money? Does it make sense?”
He also noted that many Bahamians have redefined investing altogether. “A lot of Bahamians think buying something, like clothing, and selling it at a higher price is investing. That’s trading. That’s not investing,” he said. “We need to shift our mentality from trading to owning. Most Bahamians are traders—trading time for money, or flipping items—but true wealth comes from ownership.”
“Opportunities are out there,” O’Cof added. “But the first investment should always be in education—learning how things work before putting your money at risk.”
