The Central Bank of Nigeria (CBN) recently warned citizens to beware of trading in virtual currencies such as bitcoin, ripples and litecoin. Its warning was in apparent response to the reappearance of Mavrodi Mondial Moneybox (MMM) Ponzi scheme on January 13, after it abruptly froze its account in December last year.  CBN said, “The attention of the banks and other financial institution is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN.  Ensure that you do not use, hold, trade and/or transact in any way in virtual currencies.”

Religious organizations also issued warnings against MMM.  Islamic scholars for example said it is haram.  The Redeemed Christian Church of God also warned its members earlier this month against participating in MMM. RCCG’s General Secretary Pastor Johnson Odesola wrote in a memo, “Please be informed that the doctrine of the church does not support get rich quick schemes, gambling, betting etc in any form.  God is and remains our supplier by the application of biblical principles of working diligently with our hands.” 

Despite these warnings from temporal and spiritual authorities, Nigerian participants in MMM are bent on trying their luck in the get rich quick scheme. When they gain money, they hold that up as a validation of the scheme.  When they lose money, they find neat ways to explain it.  This isn’t unconnected with the fact that MMM employs many ways to explain the dubious Ponzi scheme to the gullible. For example, when it returned to Nigeria, MMM claimed that it would now use bitcoin.  The announcement was a clever tactic to piggyback on the rising profile of bitcoin, a virtual currency that was hitherto more popular among online pirates. But their main marketing technique is to get the participants - their victims - to take ownership of the scheme and sell it to more prospects with similar greed and emotional composition.  It is the reason why they give extra points to members who create testimonial videos.

However, Nigerians may pay attention if they know the background of MMM’s founder, no matter their gullibility, appetite for quick cash or uncritical mindset. Sergey Panteleevich Mavrodi is a Russian criminal.  Born in 1955, Mavrodi first established MMM series of pyramid schemes in 1989.  Later, he became a fugitive and was finally convicted in 2007 by a Russian court for defrauding 10,000 people of 4.3 million dollars.  The court sentenced him to four and a half years in penal colony and fined him 10,000 rubles ($390).

Mavrodi’s term in prison didn’t reform him as he returned in 2011 with another version of the pyramid scheme called MMM-2011.  But he is wiser now; as pyramid schemes aren’t illegal under Russian law, he was more truthful.  He declared that, “It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!” Yet, a little over a year later, he froze the account and announced that there would be no more payouts! That didn’t stop him from branching into India, China and in September 2015, he forayed into South Africa where he promised 1% interest every day or 30% per month. In 2016, he opened shop in Zimbabwe and etched his footprints in Nigeria, sweeping his roving hands across the bank accounts of greedy Nigerians.

It would appear CBN is struggling to find the appropriate laws to use in declaring the scheme illegal and to also use for possible prosecution of the promoters. This is exactly the position the United States found itself in when Mavrodi ran Stock Generation in that country from 1998 to 2000. First, a district court found that U.S. Securities and Exchange Commission couldn’t establish that SG committed any securities violations. But in 2001, the United States Court of Appeals reversed that decision and in 2003, SEC obtained a permanent injunction against Stock Generation. Nigerian authorities should copy this example. Some Nigerians must be protected from themselves.

Cc; lalasticlala mynd44

http://www.dailytrust.com.ng/news/editorial/the-poison-that-is-mmm/182789.html

Person no go hear word again cos of MMM

the hustle for FTC is real....

taymeesan:
I

efilefun:

tolexy007:

Hmm

.how market Those saying mmm sweet ? The same wahala happened in South Africa and dey warn 9ja . We no hear . Lol..

MMM poison

http://www.naijalabel.com/2017/01/top-mmm-guider-chuddy-escapes-from.html?m=0

http://www.naijalabel.com/2017/01/cbn-bans-bitcoins-in-nigeria.html?m=0

LOL

I hope mmm United won't crash

Mmm again

Lol

Obviously seun has been paid to ruin mmm, am not a guider or have any personal interest in mmm but believes in fair reporting.
seun lalastica and other mods what you guys are doing is very bad and pure wickedness.
Seun you push anti-mmm to fp and block others that are pro mmm which is very bad.
the poeple deserve fair reporting stop being biased.
Seun whatever money you have been paid to ruin mmm is blood money because the panic you are creating have killed many people.
Seun i value this forum and your effort but pls be fair.
Here is a thread i saw this morning stating current state of mmm and people being matched and paid this morning.
see it

https://www.nairaland.com/3595334/breaking-news-mmm-back-better

pls check it out. am not a guider just believe in fair reportage.

Nigerians ehn.......
Everybody wants to write an article on MMM.

Hmm.

Everybody now write even people with some cash in MMM.

Poison that has done a lot of good for some people.
bitter-sweet poison

MMM is like a tight rope walker with someone on his back. The tight rope walker almost fell and is hanging on with one hand.

The guy on his back are participants wondering if MMM can hang on.

The spectators are non mavrodians beckoning on the guy on his back to jump to safety before the safety net below tears.

Now we watch and see if MMM can hang on

K

.

If you read the last sentence,

Some Nigerians must be protected from themselves...

that was what we anti-MMM crusaders were doing before we were tagged enemy of progress.

k

We've read all these and we still choose MMM, we have the right to participate in whatever ponzi scheme we want to and you can't force us to stop. We knew the consequences before we partook and I'm pretty sure most people that participated in it have made massive profits

But why only MMM... We have plenty of them arround now

[s]

hmuhammad:
The Central Bank of Nigeria (CBN) recently warned citizens to beware of trading in virtual currencies such as bitcoin, ripples and litecoin. Its warning was in apparent response to the reappearance of Mavrodi Mondial Moneybox (MMM) Ponzi scheme on January 13, after it abruptly froze its account in December last year. CBN said, “The attention of the banks and other financial institution is hereby drawn to the above risks and you are required to take the following actions pending substantive regulation or decision by the CBN. Ensure that you do not use, hold, trade and/or transact in any way in virtual currencies.”

Religious organizations also issued warnings against MMM. Islamic scholars for example said it is haram. The Redeemed Christian Church of God also warned its members earlier this month against participating in MMM. RCCG’s General Secretary Pastor Johnson Odesola wrote in a memo, “Please be informed that the doctrine of the church does not support get rich quick schemes, gambling, betting etc in any form. God is and remains our supplier by the application of biblical principles of working diligently with our hands.”

Despite these warnings from temporal and spiritual authorities, Nigerian participants in MMM are bent on trying their luck in the get rich quick scheme. When they gain money, they hold that up as a validation of the scheme. When they lose money, they find neat ways to explain it. This isn’t unconnected with the fact that MMM employs many ways to explain the dubious Ponzi scheme to the gullible. For example, when it returned to Nigeria, MMM claimed that it would now use bitcoin. The announcement was a clever tactic to piggyback on the rising profile of bitcoin, a virtual currency that was hitherto more popular among online pirates. But their main marketing technique is to get the participants - their victims - to take ownership of the scheme and sell it to more prospects with similar greed and emotional composition. It is the reason why they give extra points to members who create testimonial videos.

However, Nigerians may pay attention if they know the background of MMM’s founder, no matter their gullibility, appetite for quick cash or uncritical mindset. Sergey Panteleevich Mavrodi is a Russian criminal. Born in 1955, Mavrodi first established MMM series of pyramid schemes in 1989. Later, he became a fugitive and was finally convicted in 2007 by a Russian court for defrauding 10,000 people of 4.3 million dollars. The court sentenced him to four and a half years in penal colony and fined him 10,000 rubles ($390).

Mavrodi’s term in prison didn’t reform him as he returned in 2011 with another version of the pyramid scheme called MMM-2011. But he is wiser now; as pyramid schemes aren’t illegal under Russian law, he was more truthful. He declared that, “It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!” Yet, a little over a year later, he froze the account and announced that there would be no more payouts! That didn’t stop him from branching into India, China and in September 2015, he forayed into South Africa where he promised 1% interest every day or 30% per month. In 2016, he opened shop in Zimbabwe and etched his footprints in Nigeria, sweeping his roving hands across the bank accounts of greedy Nigerians.

It would appear CBN is struggling to find the appropriate laws to use in declaring the scheme illegal and to also use for possible prosecution of the promoters. This is exactly the position the United States found itself in when Mavrodi ran Stock Generation in that country from 1998 to 2000. First, a district court found that U.S. Securities and Exchange Commission couldn’t establish that SG committed any securities violations. But in 2001, the United States Court of Appeals reversed that decision and in 2003, SEC obtained a permanent injunction against Stock Generation. Nigerian author[/s]

Rubbish!

Joblessness at its peak.

99.9% of mmm participants already know some of this nonsense and have made up their mind.
Use your time for something productive. Leave mmm alone.

Mind you, mmm is still marching people to pay. The decision remains yours to pay or not.
Pay if you hopeful...
Don't pay if you are skeptical.

The issue is just that, many people will forfeit their mavro. Imagine you're asked to PH 10k and you have 500k in your mavro...
P.S, don't tell me the 500k has no value.... Don’t Tell me what I know.

summary please..

MMM has come and gone.


You can be successful this year : Read Here: 5 Things to do to ensure your success in 2017" http://talkeverytime..co.id/2017/01/5-things-to-do-to-ensure-your-success.html

oladimejiX:
Poison that has done a lot of good for some people.
bitter-sweet poison

And a lot of bad for many others.

can't we rest with MMM news in this country.

Some people definitely need to be protected from themselves.

MMM was rather poisoned...