The latest Ponzi scheme, which has ensnared more than 50,000 Jamaicans in recent days, is a case of history repeating itself after citizens were again swindled out of millions with the meltdown of Warner Media Jamaica.

These individuals were reportedly lured into the online investment scam after being promised substantial returns on their cash investments in a short time.

Some individuals could be heard openly sobbing and appealing for their funds to be returned by the company on social media.

Concerns have since been raised about how a company such as Warner Media Jamaica could go unsuspected by the local financial regulators.

However, political analyst and businessman Kevin O’Brien Chang says there is not much any government can do to protect individuals from their own greed.

“As the famous quote states, those who forget the past are condemned to repeat it. Ponzi schemes have been happening for hundreds of years all over the world. We had Cash Plus and Olint a few years back. Many Jamaicans lost millions. But apparently, many people learned nothing,” Chang said.

“There is not much any government can do to protect some people from their own greed. If Jamaica could survive Olint and Cash Plus, it can survive it’s latest scam. In the meantime we should all remember the old adage, if it seems too good to be true, it usually is,” he added.

A few years ago, a similar scheme called Cash Plus fleeced some 40,000 investors of billions after it collapsed in 2008.

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