The office of the state Department of Commerce and Consumer Affairs’ securities commissioner has sent the public a warning about online investment schemes circulating on social media platforms like Facebook, Instagram and Twitter.
“Our Securities Enforcement Branch has been receiving inquiries statewide about a so-called opportunity called the ‘Loom’ or ‘Octagon Game’ that has been circulating on various social media sites,” said Hawaii Securities Commissioner Ty Nohara in today’s news release. “Our Enforcement Branch is investigating the matter and urges caution before participating in any investment on social media.”
The securities commissioner said an increased use of social media during the COVID-19 outbreak to stay informed is an opportunity for scammers as well.
“The schemes being perpetrated are simply old scams wrapped in a new package,” the news release said. “Often times, the underlying scam is a Ponzi or Pyramid Scheme.”
The Securities Enforcement Branch can be reached at (808) 586-2740 or toll-free at 1-877-HI-SCAMS regarding information of a scam.
The branch can also be reached via email, at email@example.com.