NASSAU, BAHAMAS — The Securities Commission of The Bahamas (SCB) has issued a second warning in as many weeks about potentially fraudulent investment activity, this time flagging IncomeMax as exhibiting the hallmarks of a Ponzi scheme.
In a statement, the SCB said: “It has come to the attention of the Commission that IncomeMax may be conducting activities in or from within The Bahamas that are either registrable/licensable or illegal under one or more of the Acts. The Commission hereby advises the public that IncomeMax and its agents or representatives are not registered with or licensed by the Commission. Furthermore, its activity may constitute a violation of one or more of the Acts.”
According to the SCB, IncomeMax presents itself as an investment platform and is highly active on social media, particularly Instagram, Facebook, and Telegram. The entity is reportedly soliciting individuals to join by sending a minimum of $150 in cryptocurrency. In return, participants are promised the ability to withdraw $1,500 for each $150 deposit.
“This activity by IncomeMax has the hallmarks of a Ponzi scheme,” the Commission noted, “which is classified as a financial scheme under the Financial and Corporate Service Providers Act, 2020. This renders it an unlawful operation in this jurisdiction.”
The Commission warned that individuals doing business with IncomeMax or its representatives do so at their own risk, as the entity is not authorized or regulated. The public is urged to exercise extreme caution and avoid potential financial loss.
SCB officials have warned that engaging in or promoting unlicensed financial schemes such as Ponzi or pyramid schemes could lead to criminal liability and fines of up to $100,000.
Last week, the SCB issued a similar warning regarding Creators Alliance, stating that the entity displayed the hallmarks of a pyramid scheme. The Commission confirmed that a formal investigation had been launched amid rising concerns about the legitimacy of the platform, following numerous complaints that users were no longer receiving promised payouts.
According to the SCB, Creators Alliance appears to be based in California and operates using a multi-level marketing structure. Participants are required to pay a “purchase price” to join for a six-to-seven-month term and are promised daily income for watching videos, along with a return of their initial investment at the end of the period.
The Commission stated: “This activity by Creators Alliance has the hallmarks of a pyramid scheme, which is classified as a financial scheme under the Financial and Corporate Service Providers Act, 2020. This renders CA an unlawful operation within this jurisdiction.”
Complaints about Creators Alliance have also emerged in St. Lucia and Puerto Rico, where similar platforms operating under the same name have reportedly stopped making payments. Participants in those countries are now seeking out company representatives, with some alleging identity theft and other fraudulent activity.
The Royal Bahamas Police Force has confirmed it is also investigating the platform.
In a public statement last week, Creators Alliance manager Shiro Hing sought to reassure users stating: “Creators Alliance has not crashed. Instead, we have made an elaborate shift to a new system that will greatly enhance security, efficiency, and overall user experience… We sincerely apologize for any inconvenience and assure users that all salaries will be processed and received within the next few hours.”
The SCB is urging the public to remain vigilant and avoid engagement with unlicensed or unregulated financial operations, warning that such platforms often carry significant financial and legal risks.
