Bahamas News

Pineapple Express in Nassau exposed, residents rush for money back

#Bahamas, August 25, 2017 – Nassau – A stampede of Bahamians lined up from as early as 3am after a ponzi scheme type plan was unearthed and exposed by the Bahamas Securities Commission and the Royal Bahamas Police Force.    We have learned that people were getting their monies back after paying into the scheme which called for a low investment with big returns in as little as 14 days.

It was explained that in order to join the “asue,” there was a one-time fee option of $85 to get you $800 back or the $170 option which would get you $1,500 back.    A membership fee was also required at $20 and another $25 was said to have been labeled a processing fee.

The Securities Commission on Wednesday labeled the ‘asue’ high risk and said the program should not be viewed as a bonafied investment opportunity.    It was said Pineapple Express met with the Securities Commission, suddenly closed their offices, put out several notices on Facebook and while some people who bought in were willing to wait for the company to figure things out, others demanded their money be refunded.

The announcement came yesterday, we understand for that refunding process to happen today at 10am, but residents were queuing up at Pineapple Express at Signature Plaza, on Cowpen Road since before dawn to get their monies back.   Police were called in with the K-9 Unit for crowd control.

Up to yesterday, Police say they had received no complaints.   However, a woman who worked for Pineapple Express said she filed a report at CDU, who told her it was a civil matter.    A few months ago, a scheme under the banner: Golden Chess made similar promises; small pay in, large pay out.

Golden Chess closed down and reportedly paid not a cent to anyone.

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