TIMES.VG

BVI, Caribbeanand International News
TIMES.VG

Churches & Ponzi Schemes are 'not the same' - Mrs Elise Donovan

Churches & Ponzi Schemes are 'not the same' - Mrs Elise Donovan

While greed could be a motivation for joining a Ponzi or Pyramid scheme, CEO of BVI Finance, Mrs Elise Donovan said she believes Virgin Islanders are more motivated to get involved in financial schemes to get blessings.

Ms Donovan expressed those sentiments during a conversation on Ponzi and Pyramid Schemes and it's proliferation in the Virgin Islands during a simulcast of 'Money Matters BVI' on ZBVI 780AM and Cisco Webex aired yesterday, Sunday, August 23, 2020.

Faith-based communities remain susceptible


"I think we are very much a faith-based community and we believe in receiving our blessings... and blessing by definition is receiving favour and a gift from God."

Ms Donovan related that people are susceptible to the idea of receiving a blessing, hence, they might not necessarily be making an investment into the scheme, rather, just giving monies to receive a blessing in return.

She said in the case of Ponzi schemes, faith believers already understand the concept of God multiplying monies, however, that does not necessarily mean the risks of financial schemes should not be evaluated.

As such, it is easy to prey on those who would believe returns from the scheme comes as a blessing from God, Ms Donovan underscored.


CEO of BVI Finance, Elise Donovan has said in the case of Ponzi schemes, faith believers are susceptible to the concept of blessing and God multiplying blessings, however, it is not the same as 'sowing a seed' in church.



Church differs from Ponzi schemes - Mrs Donovan


"It's not the same as for example, if you are in the church and sowing a seed... that if you sow a seed you are going to reap blessings, multiply... it's not the same," Ms Donovan pointed out.

"But because we are using the same terminology that we are using in church, whether its a blessing loom or a blessing circle, things are very familiar to us."

In the VI, according to Ms Donovan, the belief that Ponzi and Pyramid schemes come from a supernatural blessing makes persons extremely vulnerable and susceptible to these financial schemes; however, she warned that risks must be evaluated.

While greed could be a motivation for joining a Ponzi or Pyramid scheme, CEO of BVI Finance, Ms Elise Donovan said she believes Virgin Islanders are more motivated to get involved in financial schemes to get blessings.

Newsletter

Related Articles

TIMES.VG
×