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|Tears As MMM Crashes, Millions Lose Money by jbcul4ril(m): 4:07am On Oct 22, 2016|
TVC E. Zimbabweans are in a financial trauma at the moment as their saving with Mavrodi Mondial Moneybox (MMM) crashes, all thanks to the popular Ponzi scheme called MMM established by Sergey Panteleevich Mavrodi a Russian criminal and a former deputy of the State Duma..
Thousands of people living in Zimbabwe, among them civil servants, vendors and more, were said to have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after the system collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services without any prior notice last week leaving participants stranded.
News gotten from Iharare.co reports that these Zimbabweans joined the online investment scheme with the sole aim of “getting rich quickly”.
It was said that the Reserve Bank of Zimbabwe warned its people about the system, saying the scheme was fraudulent. The scheme prides itself as a mutual aid fund under which recruited members contribute money to assist others and are promised investment returns of 30 percent per month. Some of the people left counting their losses told The Herald that they received emails that the scheme had been suspended until September 15.
One of the participants, Mr Tinashe Muza of Harare said: “All along things were moving in the right direction and we now have nowhere to claim our investments. When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”
The Mavrodi Mondial Moneybox takes its name from its founder, Sergei Panteleevich Mavrodi of Russia. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003. While some people who were skeptical about the scheme started with small amounts, it is believed some poured in thousands of dollars anticipating higher returns. The RBZ said the schemes were fraudulent as existing investors were ‘paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors.”
Sergey Panteleevich Mavrodi is a Russian criminal and a former deputy of the State Duma.
He is the founder of the МММ series of pyramid schemes Currently, the scheme is in Nigeria and it is called MMM – Federal Republic of Nigeria. Lots of Nigerians are on the scheme and the scheme actually works (just like how it was working well at first in Zimbabwe). MMM Nigeria, is a Ponzi scheme that originated in Russia that has now set up in Nigeria.
Wikipedia says the company was involved in one of the biggest Ponzi schemes in the 1990s. It was estimated that thousands of people lost up to $10 billion dollars. Well, a lot of people think the scheme is legit and not a scam but the history of the company says the opposite. Only time will tell.
What is your take on this?
|Re: Tears As MMM Crashes, Millions Lose Money by rottennaija(m): 5:19am On Oct 22, 2016|
Guy. Stop spreading falsehood. If you no like MMM, just let it be.
|Re: Tears As MMM Crashes, Millions Lose Money by aduku1(m): 6:13am On Oct 22, 2016|
1 Like 1 Share
|Re: Tears As MMM Crashes, Millions Lose Money by DesChyko(m): 6:38am On Oct 22, 2016|
Why repeating the warnings?
Those that want to do should do, those that doesn't shouldn't.
People that come to me for advice, I simply tell them why I am not interested. I also tell them the benefits. But I warn them not to engage because of the possibility that it could pack up anyday.
It's up to them.
|Re: Tears As MMM Crashes, Millions Lose Money by Nobody: 7:07am On Oct 22, 2016|
|Re: Tears As MMM Crashes, Millions Lose Money by uckennety(m): 7:37am On Oct 22, 2016|
Op go get a life!!!!!
|Re: Tears As MMM Crashes, Millions Lose Money by oladapo(m): 7:38am On Oct 22, 2016|
Stop spreading rumors that are not real
|Re: Tears As MMM Crashes, Millions Lose Money by jbcul4ril(m): 8:24am On Oct 22, 2016|
oladapo:It like CNN or televise a news and you say it not true. This was spooled from TVC website.
|Re: Tears As MMM Crashes, Millions Lose Money by donephi(m): 10:14am On Oct 22, 2016|
People are just good at spreading rumours.
Who told you participants of this great option(MMM) in an economy experiencing recession do not know the risk involved? Who told you they don't know it will crash one day. We are just taking advantage of it now. Or are you one of those people they have paid to discourage people? Come MMM will pay you more. Take your news somewhere else
|Re: Tears As MMM Crashes, Millions Lose Money by Ozavize88(f): 10:42am On Oct 22, 2016|
|Re: Tears As MMM Crashes, Millions Lose Money by Mujtahida: 11:06am On Oct 22, 2016|
jbcul4ril:So you believe every news item broadcasted by CNN or any media for that matter? You got a long way to go bro
|Re: Tears As MMM Crashes, Millions Lose Money by Nobody: 11:36am On Oct 22, 2016|
As it was in the days of noah when people were eating drinking and laughing until the flood came and swept them all away, so it will be again. just watch out.
|Re: Tears As MMM Crashes, Millions Lose Money by MrPRevailer(m): 11:40am On Oct 22, 2016|
MMM has been branded a ponzi scheme because it lets the citizens (slaves) to become financially independent. No more loans, and depositing in banks that don't reward you. Governments and Banks are at war against MMM. Bank staffs are also afraid their salaries will be cut because of customer loss. So they might join the war.
IF MMM COLLAPSE, NOT BECAUSE ITs A PONZI BUT BECAUSE THERE'S A CONSPIRACY.
The device that cured cancer destroyed.
|Re: Tears As MMM Crashes, Millions Lose Money by LOVEGINO(m): 1:16pm On Oct 22, 2016|
Op wan giv some pple heart attack
|Re: Tears As MMM Crashes, Millions Lose Money by oglalasioux(m): 1:42pm On Oct 22, 2016|
I don't participate in MMM but this post is very unfair to the scheme. Spreading falsehood because you don't like it is wrong.
|Re: Tears As MMM Crashes, Millions Lose Money by Garshyzee(m): 2:46pm On Oct 22, 2016|
Op is high..... D time spent propagating this fallacy would hav been a time well spent investing wisely...wake up man.
|Re: Tears As MMM Crashes, Millions Lose Money by Khez: 3:48pm On Oct 22, 2016|
|Re: Tears As MMM Crashes, Millions Lose Money by CHYMZZY(m): 5:38pm On Oct 22, 2016|
If MMM has a bad reputation, i wnt be suprise when it folds up in Nigeria.
This kind of investment is good when you are well informed and notified abt it's operation ..
You just invest early, reap and go...
MMM is still workin' 4 now.
|Re: Tears As MMM Crashes, Millions Lose Money by kason(m): 5:55pm On Oct 22, 2016|
Old Story, Be weary of this fellow spreading FALSE News!
O. Y. O
|Re: Tears As MMM Crashes, Millions Lose Money by kings4660(m): 5:24pm On Jan 07, 2017|
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