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SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud - Investment - Nairaland

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SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 11:17pm On Aug 31, 2016
The Securities and Exchange Commission has raised the alarm over the activities of some online fraudsters, who are currently running an online investment scheme tagged ‘MMM Federal Republic of Nigeria’.

The fraudsters, according to SEC, carry out their illegitimate business via Nigeria. portal/platform, and are promising investors a monthly investment return of 30 per cent.

SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.



Investopedia.com describes a Ponzi scheme as a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.

SEC on its website, said, “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called ‘mutual aid financial network’ with a monthly investment return of 30 per cent.

“The commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi Scheme, where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission.”

SEC, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”

In a related development, SEC said its attention had been drawn to the activities of one Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State, allegedly engaging in capital market activities without any registration within Anambra State and its environs.

“Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration,” it said in a post on its website.

http://m.punchng.com/online-fraudsters-hit-capital-market-sec-warns/

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by ochuski(m): 11:31pm On Aug 31, 2016
mckoolcharming:
as I dey post I just received my pay for
MMM...... mmm is for real I swear tongue

Read d post.. Dey dint outrightly say its fraud n dey dont pay people. . What dey said is dat d activities of MMM are conspicuous because dey are not dully registered and should incase your money get missing in d future, u are to blame.

Wait o guys.. Technically, am suppose to be the FTP bcus mckoolcharming is d originator of d tread n cannot also be FTP...click like if u support the motion.
Therfore, i dedicate this FTP to all NDU students who after 4 months of strike are heading back to school tomorrow not knowing dat ASUU Nationwide has another supprise for all students soon. One love metarbulites

187 Likes 9 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by wordcat(m): 11:38pm On Aug 31, 2016
ochuski:

Read d post.. Dey dint outrightly say its fraud n dey dont pay people. . What dey said is dat d activities of MMM are conspicuous because dey are not dully registered and should incase your money get missing in d future, u are to blame.

This is what SEC said; The venture had no tangible business
model, describing it as a Ponzi scheme, where
returns would be paid from other people’s
invested funds.

94 Likes 2 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by NwaNimo1(m): 11:41pm On Aug 31, 2016
How does one invest?

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by tuniski: 11:43pm On Aug 31, 2016
mckoolcharming:
as I dey post I just received my pay for
MMM...... mmm is for real I swear tongue

Wake up it is a fraud! They collect other People's cash to pay those who are older with them, immediately new mugu are not joining they will collapse!

166 Likes 9 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 11:49pm On Aug 31, 2016
tuniski:


Wake up it is a fraud! They collect other People's cash to pay those who are older with them, immediately new mugu are not joining they will collapse!


If only they will admit that banks are ponzi scheme, then I will agree that MMM is a ponzi scheme.

1. MMM is not an Investment program. We are helping ourselves to be financially free. The government has failed us and we have decided to help ourselves

2. MMM does not collect our money. We pay directly to other people's account.

3. Is there any law in this country forbidding us to help our brother? If there is, then you can shut us down

4. If the government begins to gives us 24hours electricity, pay a minimum wage of NGN200,000 per month, employs everyone that is unemployed, then we can consider leaving MMM

214 Likes 16 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 11:51pm On Aug 31, 2016
wordcat:


This is what SEC said; The venture had no tangible business
model, describing it as a Ponzi scheme, where
returns would be paid from other people’s
invested funds.

MMM IS NOT a Ponzi Scheme, cos in a Ponzi scheme, old members don't put back their money.

IN MMM, BOTH OLD AND NEW MEMBERS CONTINUOUSLY PUT IN MONEY BEFORE THEY CAN BE HELPED SUBSEQUENTLY.

I was actually waiting to see this. Not surprised!
SEC will not stop a bank from
1. Taking N65 from my account after ATM use
2. Illicit withdrawal from my accounts
3. killing depositors with high interest rate

BUT
will tell Nigerians their concerns when Nigerians are happy with a system.

Am happy, this shows that MMM is truly working. I want to make it clear here that in my view our conventional banking system is also a Ponzi scheme... Oh yes. Why Not? They take from our large pool of deposits to grant loans and in the end give us peanuts as interest but when we are the ones paying interest we pay through our nose.

If banks are not operating a ponzi scheme, what happens when all depositors assemble to withdraw our cash.

157 Likes 6 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by PaulIdu: 11:52pm On Aug 31, 2016
mckoolcharming:
as I dey post I just received my pay for
MMM...... mmm is for real I swear tongue

Its clearly a Ponzi scheme. .they will pay early subscribers like you so you create publicity like you have just done and attract more people before the Ponzi paper pyramid collapses .

66 Likes 2 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by ochuski(m): 11:52pm On Aug 31, 2016
wordcat:


This is what SEC said; The venture had no tangible business
model, describing it as a Ponzi scheme, where
returns would be paid from other people’s
invested funds.
Abi?.. I know ur type for school...copy n paste
Better go study medicine or pharmacy.

Abeg i no dey do like dat.. i read, i decipher n push it out d way i understand it.. Am an Enterprenuer.

7 Likes 1 Share

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by tuniski: 11:53pm On Aug 31, 2016
mckoolcharming:



If only they will admit that banks are ponzi scheme, then I will agree that MMM is a ponzi scheme.

1. MMM is not an Investment program. We are helping ourselves to be financially free. The government has failed us and we have decided to help ourselves

2. MMM does not collect our money. We pay directly to other people's account.

3. MMM is not a company, as such, there is no point registering with SEC.

4. Is there any law in this country forbidding us to help our brother? If there is, then you can shut us down

5. If the government begins to gives us 24hours electricity, pay a minimum wage of NGN200,000 per month, employs everyone that is unemployed, then we can consider leaving MMM
It is your money u are free to do whatever u want with it just don't cry when the bubble burst. A similar scheme was run in abuja a few years ago. I still remember how the late joiners completely lost everything!

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 11:53pm On Aug 31, 2016
ochuski:

Read d post.. Dey dint outrightly say its fraud n dey dont pay people. . What dey said is dat d activities of MMM are conspicuous because dey are not dully registered and should incase your money get missing in d future, u are to blame.

wisdom scarce

3 Likes 1 Share

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Joel3(m): 11:53pm On Aug 31, 2016
mmm is not a business organization or cooperate investment platform and therefore cannot be registered under any government monitory or tax laws.

mmm is a social organizations base under the platform of social help or donation. people help each other. and I think they made it clear that it's not an investment platform.

there is nothing like scam there the only thing there is that it will definitely crushed. it's not a business but circular donations. the ponzi schemes is investment platform. although the similarity is the same.

as long as there are new people joining and helping each other the thing will keep going round. the sad part is that it will cut down business activity in the country to some certain %. as people putting their money in the scheme.

how its going to crashed? when people stop joining or stop putting their money. then their will be less donor who want to help and high receiver who want help. then it will crashed.

30 Likes 1 Share

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by wordcat(m): 11:57pm On Aug 31, 2016
ochuski:

Abi?.. I know ur type for school...copy n paste
Better go study medicine or pharmacy.

Abeg i no dey do like dat.. i read, i decipher n push it out d way i understand it.. Am an Entrepreneur.

Try harder next time Mr. Entrepreneur.
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 11:59pm On Aug 31, 2016
Joel3:
mmm is not a business organization or cooperate investment platform and therefore cannot be registered under any government monitory or tax laws.

mmm is a social organizations base under the platform of social help or demotion. people help each other. and I think they made it clear that it's not an investment platform.

there is nothing like scam there the only thing there is that it will definitely crushed. it's not a business but circular donations. the ponzi schemes is investment platform. although the similarity is the same.

as long as there are new people joining and helping each other the thing will keep going round. the sad part is that it will cut down business activity in the country to some certain %. as people putting their money in the scheme.

how its going to crashed? when people stop joining or stop putting their money. then their will be less donor who want to help and high receiver who want help. then it will crashed.




So far so good what benefit has the fellow Nigerians gotten from the government?? What MMM has done to the life of Nigerians, The government haven't done that for years..... It is our Money, MMM clearly stated their Risks, we accept.. We weren't forced to join. Leave it for us its not Scam.... Infact our leaders are the Scammers cause we vote for them yet we the masses suffer while they keep embezzling our funds...

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 12:01am On Sep 01, 2016
tuniski:

It is your money u are free to do whatever u want with it just don't cry when the bubble burst. A similar scheme was run in abuja a few years ago. I still remember how the late joiners completely lost everything!


A government that is yet to deliver its campaign promises has decided to chase shadow leaving substance. If u really know what MMM has done in your life, even the government can't stop us from solving our financial issues with a single tool called MMM. They are yet to present the best of excuses for them to stop MMM from rewriting the unfair financial system. Together we change the world.

Meanwhile few hours from now, the mavro hour will come.....
Together we CHANGE the world again and again. . .

28 Likes 4 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by PaulIdu: 12:02am On Sep 01, 2016
Joel3:
mmm is not a business organization or cooperate investment platform and therefore cannot be registered under any government monitory or tax laws.

mmm is a social organizations base under the platform of social help or donation. people help each other. and I think they made it clear that it's not an investment platform.

there is nothing like scam there the only thing there is that it will definitely crushed. it's not a business but circular donations. the ponzi schemes is investment platform. although the similarity is the same.

as long as there are new people joining and helping each other the thing will keep going round. the sad part is that it will cut down business activity in the country to some certain %. as people putting their money in the scheme.

how its going to crashed? when people stop joining or stop putting their money. then their will be less donor who want to help and high receiver who want help. then it will crashed.



Mr man what are you guys creating wealth from? It's a textbook example of a Ponzi scheme and a weak one at that..have you heard about the perpetual motion machine concept ? That's what this is ..a gathering of very dull people who are desperate to create wealth from doing absolutely nothing till they get scammed

63 Likes 8 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by ochuski(m): 12:03am On Sep 01, 2016
wordcat:


Try harder next time Mr. Entrepreneur.
Naa... U need to try harder bro cus with ur skill, i like to employ you.. So try n beat d competition nd i'll fix u in

4 Likes

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Joel3(m): 12:07am On Sep 01, 2016
mckoolcharming:



So far so good what benefit has the fellow Nigerians gotten from the government?? What MMM has done to the life of Nigerians, The government haven't done that for years..... It is our Money, MMM clearly stated their Risks, we accept.. We weren't forced to join. Leave it for us its not Scam.... Infact our leaders are the Scammers cause we vote for them yet we the masses suffer while they keep embezzling our funds...

I would advice you read my post again. I am not against MMM or it participants. the threats or danger to our economy is that it collapse business activities.

money is no longer circulating. a circle of money is been going round from bank to bank. rather then capital projects to the economy.

14 Likes

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by wordcat(m): 12:10am On Sep 01, 2016
mckoolcharming:


MMM IS NOT a Ponzi Scheme, cos in a Ponzi scheme, old members don't put back their money.

IN MMM, BOTH OLD AND NEW MEMBERS CONTINUOUSLY PUT IN MONEY BEFORE THEY CAN BE HELPED SUBSEQUENTLY.

Tell that to the interested would be members as for me, I don't need such help and I don't do such help.

13 Likes

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by wordcat(m): 12:12am On Sep 01, 2016
ochuski:

Naa... U need to try harder bro cus with ur skill, i like to employ you.. So try n beat d competition nd i'll fix u in

Laughing in Tuareg, Mali wowowowowowowowowowo

3 Likes

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mckoolcharming(m): 12:13am On Sep 01, 2016
Joel3:


I would advice you read my post again. I am not against MMM or it participants. the threats or danger to our economy is that it collapse business activities.

money is no longer circulating. a circle of money is been going round from bank to bank. rather then capital projects to the economy.

list the capital projects when food is paramount..... people are yet to feed and you are talking about capital project. if MMM is a risk, I will take it a million times rather than hope on those gullible brethren
Suddenly the government cares about us.
With over 20Million unemployed Nigerian youths and a massive economic recession, the clueless Nigerian Government is telling me that I should not freely give out my spare money and get financial help after 30days!
MMM has changed my live and that of my family and I have one word for the Government and it's agencies. Thanks for the advice.
Now please mind you own business and stay away from mine.

35 Likes 2 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Joel3(m): 12:13am On Sep 01, 2016
PaulIdu:


Mr man what are you guys creating wealth from? It's a textbook example of a Ponzi scheme and a weak one at that..have you heard about the perpetual motion machine concept ? That's what this is ..a gathering of very dull people who are desperate to create wealth from doing absolutely nothing till they get scammed
shut up. as I said before it's not a scam.

it's a simple logic. but it's a threat to our banking sector and the economy. the money is in circle between the banking chain and growing rapidly for doing nothing. it will hurt down our very own economy like recession.

the prosperity is a fake prosperity.

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by niggi4life(m): 12:17am On Sep 01, 2016
The question is simple, MMM gives you 30% after a month? Even no bank can give you that high ROI(return on Investment) Now how do they make their own profit? i am just curious


One thing that I am certain of is that MMM Global is not an investment firm, rather it is more like a Cash Gifting racket. Think about it, if MMM Global does not invest the money elsewhere, how are they able to support the 30% return every month? Whatever money that is poured into the MMM Global system stays in the pool, and it does not grow.

The only way to grow it is if there are new “investors” pouring money into the system.

49 Likes 2 Shares

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Joel3(m): 12:24am On Sep 01, 2016
niggi4life:
The question is simple, MMM gives you 30% after a month? Even no bank can give you that high ROI(return on Investment) Now how do they make their own profit? i am just curious
read the ponzi scheme.

the money is a fake liquidity. and not capital. everyone knows liquid investment is of high risk unlike capital.
as long as people don't cash out the same time it will remains. just like bank if everyone withdraw their money from the bank the bank will collapse. but that of bank they goes into capital investment with people's money to make profits.

but mmm stays idle doing nothing that makes it a perishable liquidity.

12 Likes 1 Share

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by niggi4life(m): 12:27am On Sep 01, 2016
Joel3:
read the ponzi scheme.

the money is a fake liquidity. and not capital. everyone knows liquid investment is of high risk unlike capital.
as long as people don't cash out the same time it will remains. just like bank if every withdraw their money from the bank the bank well collapse. but that of bank they goes into capital investment with people's money.

but mmm stays idle doing nothing that makes it a perishable liquidity.
you are still speaking chinese, simple question, how does MMM make their own profit since they don't accept those money, rather people send this money to each other?

15 Likes

Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by PaulIdu: 12:32am On Sep 01, 2016
Joel3:
shut up. as I said before it's not a scam.

it's a simple logic. but it's a threat to our banking sector and the economy. the money is in circle between the banking chain and growing rapidly for doing nothing. it will hurt down our very own economy like recession.

the prosperity is a fake prosperity.



MMM Global Ponzi collapses, Sergey Mavrodi in hiding

Apr.09, 2016 in MMM Global

The financial apocalypse is upon us, MMM Global has collapsed.

BehindMLM called it yesterday, the only reason a Ponzi scheme stops paying out is if there are banking issues or they run out of money.

MMM Global’s use of BitCoin rules out the former, so with investors not paid out for over a month the writing was on the wall.

What we didn’t know was just how soon after publishing our article MMM Global’s collapse would be confirmed.

In a message sent to investor’s backoffices a few hours ago, their worst nightmare has been confirmed.

Referring to the “Republic of BitCoin” Ponzi scheme as an “experiment”, MMM Global blame the ROI percentage for the collapse.

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by PaulIdu: 12:35am On Sep 01, 2016
Sergey Panteleevich Mavrodi (Russian:Серге́й Пантелеевич Мавроди; born August 11, 1955) is a Russian criminal and a former deputy of the State Duma. He is the founder of the МММ series of pyramid schemes. In 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).[1][2][3]

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by PaulIdu: 12:36am On Sep 01, 2016
MMM is fraud period and the founder is wanted in many countries for fraud and deceit

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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Joel3(m): 12:38am On Sep 01, 2016
niggi4life:
you are still speaking chinese, simple question, how does MMM make their own profit since they don't accept those money, rather people send this money to each other?
this is how it works..

if you help someone. that amount let say N50k. this 50k will enters your mavro account. and it grows at 30% a month. at the end of 30days it will be N70k. so if you request for help. someone will help you with the N70 cash out. the person that help you with 70k another person will help that one at 30days. then u too can help another again and again just like that.

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