Fighting Financial Fraud

GALA has assisted in closing a ponzi scheme in Bangladesh and informing other regulators of the existence of the same scheme.  All it took was a few emails to the regulators after a Nigerian consumer rights advocate informed GALA, and GALA informed others.

GALA is in the process of establishing an international financial fraud information sharing network; the network will rely on consumer advocacy groups to monitor markets for suspected fraudulent schemes and GALA will report these schemes to financial sector regulators and track the resultant investigations; informing consumers of the results as well as how to recognize the tell tale signs of a fraud vs. a valid investment.

This is an ongoing work and a new URL will be created to share information on the activity being tentatively called Fraud Stop.

Some regulators and governments are more receptive to participation than others.  And, corruption also plays a role in protecting fraudsters.

GALA is also engaged in advocating for the rights of thousands of Ugandans as well as Kenyans victimized by ponzi schemes.  See article below on the Caring for Orphans, Widows and the Elderly scam in Uganda.

There is enough work in this sector to last a lifetime, because the Bernie Madoffs of the world are professional thieves who dedicate more time to honing their craft than financial sector regulators are able to dedicate to monitoring and supervising the financial markets.

Stay tuned for more updates on this work.