Nigerian Securities and Exchange Commission said it has clamped down a Yuan Dong, a Ponzi scheme operator in Nigeria.

In an email statement, the SEC said its has attention was “drawn to the activities of an Illegal Operator carrying on business under the name of Yuan Dong (YDEC)”.

See below the statement of the Commission:

The SEC said owners of Yuan Dong paraded itself as an Investment Company thereby extending invitations to unsuspecting members of the public to subscribe in a scheme identified as a Resources Investment Account. Investments in the scheme ranges from a minimum deposit of ₦10, 000 to a maximum deposit of ₦240,000.

The investment period of the scheme is pegged at a minimum of 30 working days to a maximum period of 10 months with offer of interest rates on short and medium term basis, which include promise of a daily profit of ₦80.00 and ₦2,400 depending on the category of investment. Similarly, the company also entices its customers with payment of bonuses should they convince more investors to invest in the scheme.

Read more https://pageone.ng/2017/02/26/sec-yuan-dong-ponzi-scam/

These Yuan Dong people did not learn from MMM.

Rule Number 1 - Never have an office

Rule Number 2 - Never have a central account

E be like say dem dey learn scam. How can they be learning when MMM is there for them to learn from?

haha

Owo wo gbo