Lawyer petitions Parliament to pass strict laws on Ponzi schemes amid Menzgold brouhaha

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Lawyer for some aggrieved customers of defunct Menzgold Company, Amanda Clinton has petitioned the Speaker of Parliament to further deliberate on the Menzgold matter and consider passing legislature to address Ponzi schemes in the country.

Amanda Clinton
Amanda Clinton

Although the government has refused to refund locked-up funds to customers of Menzgold insisting they were warned, Ms Clinton wants state institutions to do more to protect the public when it comes to Ponzi schemes.

In her petition, Ms Clinton said: “Altogether, it is admitted that members of the public can be gullible even when warned. However, government institutions are designed to protect ALL members of the public to a high standard at the earliest opportunity and: poor coordination and cooperation among financial regulators, lack of specialization and speedy disposition by courts, lack of willingness to investigate and prosecute unregulated schemes and unwillingness to utilize necessary enforcement tools, as well as unwillingness of some government departments to adequately address financial misconduct including the operation of ponzi schemes, should we respectfully submit, be addressed by parliament in the public interest.

This is especially so since ponzi schemes are becoming more sophisticated and those in power cannot leave the public in the hands of criminals who bait and run. Ultimately, some companies are unregulated however they should be regulated earlier by government institutions and if not regulated, shut down at the earliest possible opportunity for being ‘419’ and illegally operating outside our enacted laws,” the petition said.

Apart from the above, the petitioner wants Parliament to work with the Attorney General’s Department to cull more assets of three directors of Menzgold locally and internationally and for Parliament to work with the AG’s department to enact additional legislation in relation to ponzi schemes.

She also wants parliament to issue specialist guidelines (to AG, SEC, National Security, Interpol, CID, NIB, Office of the President) so Ghana is not left behind internationally in the fight against ponzi schemes.

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