Superintendent of Banks: If it’s too good to be true, stay away


Staff member
Feb 20, 2019
Alejandro Fernández / Acento

Superintendent of Banks Alejandro Fernandez has tweeted a grim truth. Legally, there is little the financial authorities can do here regarding pyramidal scams until a victim presses charges.

Superintendent Fernandez highlights the past scam by TelexFree that affected thousands and mentions a recent pyramid case that is making the rounds – Mantequilla. Diario Libre carries on 28 September 2022 a report on how Mantequilla operates and attracts its customers, primarily in Sabana Grande de Boyá in Monte Plata province.

“War warned does not kill a soldier,” says the Superintendent, evoking the popular Dominican saying. Fernandez warned that as long as the payments on the “investment” are being made and are up to date, as long as someone does not denounce having been swindled in a scheme, the financial activity is not punishable by law, as...

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