Doomed Loom! - Investors frantically trying to get back their money

Doomed Loom! - Investors frantically trying to get back their money as the wheel stops spinning

The Loom wheel that once promised Jamaicans thousands of dollars has slowed drastically, and in some cases has stopped spinning completely for a number of investors who have lost thousands of dollars.

Last week, several persons who invested in the scheme were frantically trying to get back their investments as it became clear that the dreams of big returns had transformed into nightmares.

Is December now and all now me can't hear nothing bout me Loom, but due to how me pay me money me need fi know what a gwaan so me a go need it and me done talk," said one investor, in a WhatsApp group operated by one loom vendor.

"A two months now me a defend my money and can't get it back," said another in one of the string of posts, many too graphic for publication.

"I know of Loom stuck for four months now. if you need back the money you have to talk to the admin person and he will put up your spot for sale. if you lucky somebody buy it, that's the only way you get back your money. everyday people asking back for their money and admin not answering them," said another investor.

Last month, The Sunday Gleaner reported on the increasing popularity of the scheme and how the operators had promised investors up to 300 per cent earnings on each investment.

At that time, communication and international relations manager at the Financial Services Commission (FSC), David Geddes, warned against get-rich schemes, which he pointed out were unsustainable.

FILE A FORMAL REPORT

Last week, Geddes said persons who believe they were defrauded as a result of putting money into the Loom scheme should report the matter to the police and file a formal complaint with the FSC.

"They should visit the offices of the FSC and give us as much information as they can about the persons who encouraged them to enter the scheme, and also the persons who they actually gave money to, because that is how we get to do a more thorough investigation and to find the people that are actually behind this, and get to close them down," said Geddes