darenyx:


Treated

brasilia:
she already she doesn't give a damn on whatever I feel

MMM ( scheme company)
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Joint stock company "MMM"
Акционерное общество «МММ»

Industry Office Equipment importer (1989-early 1990s)
Ponzi Scheme initiator (1992 onwards)
Fate Shut down by Russian police in 1994, declared bankruptcy in 1997
Founded 1989
Defunct 1994 (de facto)
1997 (de jure)
Headquarters Russia
МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s.[1][2] By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.

Contents  [hide] 
1 History
2 See also
3 References
4 External links
History[edit]
MMM was established in 1989 by Sergei Mavrodi,[2] his brother Vyacheslav Mavrodi, and Olga Melnikova. The name of the company was taken from the first letters of the three founders' surnames.

Initially, the company imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion, leading to the collapse of MMM-bank, and causing the company to have difficulty obtaining financing to support its operations. Faced with difficulties in funding its foreign trade, the company switched to the financial sector. It offered American stocks to Russian investors, but met with little success. Later, MMM-Invest was created for the purpose of collecting vouchers during privatisation. This effort was similarly unsuccessful.[citation needed]

MMM created its successful Ponzi scheme in 1994. The company started attracting money from private investors, promising annual returns of up to one thousand percent. It is unclear whether a Ponzi scheme was Mavrodi's initial intention, inasmuch as such extravagant returns might have been possible during the Russian hyperinflation in such commerce as import-export.[citation needed]

MMM grew rapidly. In February 1994, the company reported dividends of 1,000%, and started an aggressive TV ad campaign. Since the shares were not quoted on any stock exchange and the company itself determined the share price, it maintained a steady price growth of thousands of percent annually, leading the public to believe its shares were a safe and profitable investment.[citation needed]

An important factor in the scheme's success was word of mouth, but most of the company's success came from its extremely aggressive ad campaign, which appealed to the general public by using "ordinary" characters that viewers could identify with. The most famous of them, a "folk hero" of early 1994, was Lyonya Golubkov. Another notable marketing effort was a giveaway of free Metro trips to all Moscow citizens on a particular day. MMM also was one of the first well-known companies in Russia with a logotype and slogans ("Flying from shadow to the light" and others).[citation needed]

At its peak the company was taking in more than 100 billion rubles (about 50 million USD) each day from the sale of its shares to the public. Thus, the cashflow turnover at the MMM central office in Moscow was so high that it could not be estimated. The management started to count money in roomfuls (1 roomful of money, 2 roomfuls of money, etc.).[citation needed]

Regular publication in the media of the rising MMM share price led President Boris Yeltsin to issue a decree in June 1994 prohibiting financial institutions from publicising their expected income.[citation needed]

The success of MMM in attracting investors led to the creation of other similar companies, including Tibet, Chara, Khoper-Invest, Selenga, Telemarket, and Germes. All of these companies were characterised by aggressive television advertising and extremely high promised rates of return. One company promised annual returns of 30,000%.[citation needed]

On July 22, 1994, the police closed the offices of MMM for tax evasion. For a few days the company attempted to continue the scheme, but soon ceased operations. At that point, Invest-Consulting, one of the company's subsidiaries, owed more than 50 billion rubles in taxes (USD 26 million), and MMM itself owed between 100 billion and 3 trillion rubles to the investors (from USD 50 million to USD 1.5 billion). In the aftermath at least 50 investors, having lost all of their money, committed suicide.[citation needed]

Several organisations of "deceived investors" made efforts to recover their lost investments, but Sergei Mavrodi manipulated their indignation and directed it at the government. In August 1994 Mavrodi was arrested for tax evasion. However, he was soon elected to the Russian State Duma, with the support of the "deceived investors". He argued that the government, not MMM, was responsible for people losing their money, and promised to initiate a pay-back program. The amount ultimately paid back was minuscule compared to the amount owed.[citation needed]

In October 1995, the Duma cancelled Mavrodi's right to immunity as a deputy. In 1996, he tried to run for Russia's presidency, but most of the signatures he received were rejected. MMM declared bankruptcy on September 22, 1997.[citation needed]

While it was believed that Sergei Mavrodi left Russia and moved to the United States, it is possible that he stayed in Moscow, using his money to change apartments regularly and employ a group of former special agents. With the help of a distant relative he started Stock Generation Ltd., another pyramid scheme based around trading non-existent companies' stocks in a form of the "stock exchange game" on the company's site, stockgeneration.com. Despite a bold-letter warning on the main page that the site was not a real stock exchange, between 20,000 and 275,000 people, according to various estimates, fell for the promised 200% returns and lost their money. According to U.S. Securities and Exchange Commission, losses of victims were at least USD 5.5 million.[citation needed]

Mavrodi was found and arrested in 2003. While in custody, Mavrodi was given until January 31, 2006 to read the documents in his fraud case against him (The criminal case consisted of 650 volumes, each 250-270 pages long).[citation needed] At the end of April 2007, Mavrodi was convicted of fraud, and given a sentence of four and a half years. Since he had already spent over four years in custody, he was released less than a month later, on May 22, 2007.[citation needed] He later went on to creating yet another pyramid scheme called MMM-2011.

The MMM scandal led to increased regulation of the Russian stock market, but the legacy of the fraud led many to become extremely suspicious of any joint stock companies.

In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a "30% per month" return through a "social financial network".[3] The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank.[4] In response to mounting criticism and official investigations by state authorities in 2016 supporters of the South African MMM scheme staged a protest march in Johannesburg.[5]

In 2016, MMM launched a website targeting the Nigerian audience.[6]

In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered).[7]

See also[edit]
GKO-OFZ
Caritas
Lyonya Golubkov

rexel99:
Don't waste your time bro. The midget is known to be a pathological liar. We know him, always spinning one yarn or the other to deceive his supporters n family members.

rexel99:
Don't waste your time bro. The midget is known to be a pathological liar. We know him, always spinning one yarn or the other to deceive his supporters n family members.

Rising fuel prices helped to push the UK's inflation rate higher last month, according to official figures.

The annual inflation rate as measured by the Consumer Prices Index (CPI) rose to 0.6% in July from 0.5% in June, the Office for National Statistics said.

More expensive alcoholic drinks and hotel rooms also helped to increase the CPI rate, the ONS said.

The Retail Prices Index (RPI) measure of inflation rose to 1.9% in July from 1.6% in June.

July's RPI inflation rate sets the cap for how much regulated rail fares in England, Scotland and Wales can rise by next year.

Brexit's impact on the economy
Regulated rail fares to rise by 1.9%

Pricier imports

Separate figures from the ONS suggested that the fall in the value of the pound since the UK's referendum vote to leave the EU had increased the cost of imports for manufacturers.

Input prices faced by manufacturers rose 4.3% in the year to July, compared with a fall of 0.5% in the year to June.

The most dramatic rises came in the cost of imported food materials, which rose 10.2%, and the price of imported metals, which rose 12.4%.

In addition, the prices of finished goods leaving the factory gate were 0.3% higher than a year earlier, the first annual increase since June 2014.

"There is no obvious impact on today's consumer prices figures following the EU referendum result, though the Producer Prices Index (PPI) suggests the fall in the exchange rate is beginning to push up import price faced by manufacturers," said Mike Prestwood, head of prices at the ONS.

However, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said the fall in sterling was "entirely responsible" for the rise in CPI inflation to the highest rate since November 2014.

Against the dollar, the pound is some 13% below its level in the run-up to the referendum and 10% lower against the euro.

"Sterling's depreciation ensured that pump prices rose by 0.7% month-to-month even though dollar oil prices declined," he said.

Workers' pay

"As a result, we continue to think that CPI inflation will hit 3% in the second half of 2017."

As prices for companies rise, the pressure to keep down costs may be bad for wages, according to Howard Archer, chief UK and european economist at IHS Global Insight.

He said: "Companies may well look to clamp down on workers' pay as they strive to save costs in a more difficult environment and as imported input prices are lifted by the weakened pound.

"Meanwhile, a likely softening labour market and reduced consumer confidence will dilute workers' ability and willingness to push for higher pay awards."

And even if inflation looks set to rise above the government's target of 2%, he believes the Bank of England is still likely to lower interest rates further to stimulate growth.

Mr Archer said he expected the Bank to take interest rates down to 0.10% in November from it current level of 0.25% and said: "It is notable that the MPC considered taking interest rates down to just above zero at their August meeting and that a majority of members thought there was a case to do so."

Source : http://www.bbc.com/news/business-37092745?ns_mchannel=social&ns_campaign=bbc_breaking&ns_source=twitter&ns_linkname=news_central

The Kaduna State governor, Nasir el-Rufai, on Wednesday decried the Central Bank’s prevailing fiscal regime, saying the bank’s 14 per cent monetary policy rate has led to massive job losses in the country.

Mr. El-Rufai said the CBN risked losing its power to set lending rates for commercial banks unless it immediately addressed the situation, adding that only unscrupulous elements could successfully operate under the current fiscal policy atmosphere.

“We have a Central Bank that has an MPR at —what?— 14 per cent and banks lending at 20 percent. Only traders and drug dealers can make money at this interest rate.

“I have said it before and I will repeat it again, unless the Central Bank and the banking system make a conscious decision to bring interest rate down, one day we would legislate it,” Mr. El-Rufai said.

The governor’s comments were delivered at a special edition roundtable organised by Women in Business, a non-profit women advocacy organisation, in Abuja.

Mr. El-Rufai dismissed CBN’s perennial reasons for high interest rate, and used the “B” word to express his disgust.

“The rate of inflation in the UK is not 2 per cent or 1 per cent. It is 7-8 per cent. But lending rate is at what one percent. I think they cut the interest rate last week.

“All these theories that the rate of interest must be above the rate of inflation is economic [expletive],” Mr. El-Rufai said.

“We must decide that businesses should be able to borrow at the rate interest that makes sense and politically lower rates to that level.”

The Women in Business roundtable attracted professionals from all walks of life and the participants used the platform to share viable ideas and express challenges faced in running a successful enterprise.

http://www.premiumtimesng.com/news/top-news/208409-el-rufai-attacks-cbn-says-bank-destroying-jobs.html

40manlappy:


Okay sir

@exclusiveoloori: Let us assume that the face value of your investment is N100,000 and your discounted value is N95,000 (the actual amount that you were debited upon a successful bidding at the primary auction, remember, you have earned an upfront interest).

The difference between the value of the bill and the amount you pay for it is called the discount rate, and is set as a percentage. In the example above, the discount rate is 5 percent, because N5,000 is 5 percent of N100,000.

When you apply for termination/liquidation of a treasury bill technically known as "rediscounting", the bank sells your investment in the secondary market but you will lose a portion of your interest depending on the rediscounting rate at the time of your application and the duration that you have held the investment.

If you have held the instrument till maturity, your account would have been credited with N100,000. But now that you are not waiting till maturity date, what you will get is a function of the rediscounting rate that will be applied.

Once the bank gets a buyer at the secondary market, you should be notified for your concurrence upon which the deal will be sealed and your account credited subsequently with the proceeds of the treasury bill liquidation.

My experience: I did a 91 day TB in mid-June; the bank had bidded for me at 7.350%. When I noticed that rates were going up, I considered liquidating to invest at a better rate. I did that last week just in time for the primary auction of August 3rd. Guess how much I lost when my TB was rediscounted? Just N840.16 plus N300 transaction fee!

This is a paltry sum compared to the fact that I quoted my own rate of 17% for the bidding and won. I have to thank the gurus in the house who encouraged me to take this risk, especially feelamong.

Hope the above clarifies your enquiry.

Ihavespoken:

Its simple but remember he already has interest paid before maturity. If you have done it before, can you explain to him the charges he could face, for example if he invested N100k, how much he is likely to get back after charges.

Cheers.

Seun:
I guess the next auction will have low yields because of the recession data; the CBN will probably lower interest rates in response to that data.

Insightz:

Oh damn. Thanks a lot bro. I just read the complaint against the guy. Thanks again for the heads up.

asids55:

you stole from me after collecting extra cash from me..all evidence points against u...you are a crook!your thread is as good as dead

GANDALF1:

Read this link first.
https://www.nairaland.com/2552022/horrible-experience-dishonest-clearing-agent/4

r231:

That is not a good excuse sir. You promised to pay him for the tyre and you have been giving him a run around since then.
if you want to make peace, you should have communicated with him properly but you are very rude, abusive and not consistent with your words.
Personally I can never recommend you to my worst enemy obviously i have dealt with you more than once and never a pretty situation even after you messed up the first time i decide to forgive and try you again but you send me right to the dogs!!!
All i can say is, whoever wants to deal business with you can do at their own RISK!!!
cc: asids55

Baylam:
Read this before you deal with him. https://www.nairaland.com/2552022/horrible-experience-dishonest-clearing-agent/4

Insightz:
How much to clear Volkswagen Sharan 1998/1999/2000

Mindfulness:


So she is not a demon after all? I thought there was nothing to be appreciated about her.

oluwalfa:


LAGOS Feb 5 (Reuters) - Nigeria's interbank rate eased on Friday to an average of 0.5 percent for overnight lending, down from to 1.25 last week, supported by ample naira liquidity.

The central bank injected around 240 billion naira ($1.21 billion) in matured open market operation (OMO) treasury bills and refunds on cash reserves to some banks on Thursday, boosting liquidity and forcing down the cost of borrowing among banks.

As of Wednesday, commercial lenders had a combined credit balance with the central bank of 312 billion naira, and liquidity was expected to rise further with the funds from the retired bill and refunds from the surplus cash deposited for forex purchases.

The secured Open Buy Back (OBB) also fell to 0.50 percent from 1 percent last week.

Nigeria's interbank rate mirrors the level of naira cash liquidity in the banking system.

"We see rates rising marginally early next week because anticipated sales of OMO bills by the central bank to mop up excess liquidity in the system," one dealer said. ($1 = 198.0000 naira) (Reporting by Oludare Mayowa, editing by Larry King)


http://af.reuters.com/article/nigeriaNews/idAFL8N15K35T

special09:
Clearing agents, who can clear 2004 Expedition for 300k? If yes, reply.

OgaTheTop2:
USL... United Shipping Inc