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Nairaland Forum / Nairaland / General / Investment / SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud (89147 Views)
Avoid Ponzi Schemes! SEC Warns Nigerians / MMM Participants Celebrate The Return Of MMM Nigeria (Videos) / CBN Warns Nigerians Against “MMM”, Calls It Wonder Bank (2) (3) (4)
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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by neocortex: 8:24am On Sep 01, 2016 |
jakiedudu: You see those group you mentioned, you only get what you will eventually put in which is a normal thing. But this MMM promises you 30%, where do you think the extra comes from ? Nobody will put their money in MMM if they have to pay back all they have earned from it. 2 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by richardmba(m): 8:24am On Sep 01, 2016 |
Joel3:Sounds sweet but with no viable proof.How and where does the profit accumulate from?.In sports betting,we know it's a win or lose game.Looking at this MMM shit,since no one loses their money,how does the profit accumulate? 5 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by igwegeorgiano(m): 8:25am On Sep 01, 2016 |
mckoolcharming:tell him abeg |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by loveuGOD: 8:25am On Sep 01, 2016 |
Copied. I Will Rob Peter and Pay You, Paul - Everything You Want To Know About This Scam Called MMM ========================================== In 2001, I was a starry eyed University student, who was desirous of making it big in life and becoming rich. I was looking for businesses opportunities that would make me a lot of money. I tried different things. In 2003, November to be precise, I stumbled on internet marketing, through Success Digest magazine. Over the next few years I would try almost everything published in the paper - affiliate marketing, information marketing, Google Adsense, you name it. In 2006, one particular money-making scheme came up which attracted hordes of fans. That scheme was/is known as HYIP. What's a HYIP? It's called a High Yield Investment Programme. Basically how it works is this: You put in some money, and then every day or week, or month, depending on the particular HYIP website you registered with, you would earn a percentage, maybe 10%, 15%, 20%, 25%, 50% and even 100% again depending on the HYIP site. It looked so easy. Just put in money and wait for sometime and bam! You get a percentage. It looked too good to be true but nothing tried, nothing gained, right? So I gathered my school feeding money and bought eGold (remember them?) worth $50 and "invested". The following week, my money had "grown" to $100. My HYIP company paid 100% of your money every week. My oh my! I was totally sold! Now to make more money, I needed to reinvest my money which was now $100 which I promptly did. The following week, I had $200. Gaddem! So I went round school preaching this stuff. I even preached it far more than the guy who introduced it to me. I got others to "invest" and with each investment they did, I was scheduled to be paid a 10% "commission bonus" for the referral. I went looking for more money to borrow to invest because my thinking was, if I had gotten $200 with just $50 in two weeks, imagine how much I would get if I invested $500! The guy who introduced me to it went to his Mum, borrowed her retirement gratuity and invested another =N=500,000, roughly about $5,000 then! That week he had earned $13,000 including commissions! Sheet! I could see my riches coming. My dream cars, my beach house. I prayed to God morning and evening thanking him for remembering me. It was like a blessing for everyone, and naturally people poured into this scheme. One day, I got a call from Nonso, the guy who invited me. He sounded desperate, his voice shaky as he asked me if I had checked my HYIP account. I said no. "What's the problem, I asked?" "I can't see the money in my account anymore", he said. "My money is gone." When he said that, I felt my heart sink, my stomach turned and I suddenly felt sick. If I remember correctly, I think I pissed a little hot urine on myself. "Where are you?" I asked. He was at a cybercafe town, so I jumped into a bus and went to meet him. As I was logging into my own acount, my mouth was dry but my account opened! "Ah! Thank God" I said. Anyways, Nonso had requested for the HYIP company to send him $7,000 out of his $13,000 which was perfectly okay to do. You were allowed to request a payout anytime you want, between Monday - Friday. However, after he had placed the request, he logged in a few days later, and his balance was no longer there. It had been wiped out. In fact the page that showed your account was no longer opening. "It must be something wrong with your account I said. Have you emailed them?" He had emailed, but got no reply. Called the numbers on the website, but they were not going through. So I placed a payout request of $100, and suddenly, my own account balance was wiped out. Sweat started forming on my brows. I refresh the page again and again, still the same thing. The account balance page was no longer opening. We went back to school hoping that things would change. It didn't. It took me several days to come to terms with the fact that my $200 abi $50 was gone forever. Someone in Iran, Russia, Ukraine, only God knows where had taken my money and it was gone. Nonso's mother's gratuity was gone. All the monies by those I introduced? Gone! I and Nonso became almost like outcasts in the school. Nobody wanted to deal with us anymore as far as business was concerned. We were blamed for the con. Why am I telling you this story? Because lately, I have been receiving offers from people to promote a ponzi scheme called MMM. They tell me it's a business. That it works. That people have been paid money, blah blah blah. I want to use this piece to write an article and wash my hands off this matter once and for all. MMM is a ponzi scheme. Simple and short. I have been in business long enough to smell a scam from a thousands miles away, and this one is a big scam. It's the return of the HYIP days of 2006. Ponzi scams reinvent themselves every few years, change their name, wear "new clothes" and come out as the newest best thing since sliced bread. In 2008, they returned as wonder banks - Nospetco, Gradual Investments, etc. In 2010 it was Clickviral. In 2012 - 2013, it was "Oil and Gas Investment" companies. Today it's MMM. MMM is a scam. It is not a real business. A real business has A PRODUCT to SELL, a product that adds value to the person buying it. There's an EXCHANGE of value between both sides - the buyer and the seller. MMM doesn't have that. Rather it "pays" you a "commission" to refer people. Where does it get the money to pay these commissions? For how long can this be sustained? What product does MMM sell? Why does an "investor" take his money and "gift" it to some stranger, and then wait for someone else to choose him and also "gift" him too? If you don't get someone to choose you, then you wait and your money "grows"? Grows? How so? With fertilizer? Where will MMM get the money to pay you this percentage from? Will they steal it? The most alarming thing about this stuff is this mysterious program is based in Russia. Russia? Are you kidding me? Anyone who knows anything knows that Russia is a country full of murderous mobsters who run illegal gambling operations, money laundering and prostitution rings. They have since forever created similar programs to mop money up, transfers their illegal funds and pay off people to kill their rivals. Are you unknowingly helping support a Russia mafia boss and putting innocent people in danger while perpetrating money laundering, illegal gambling and prostitution? I will not be surprised if the EFCC swoops on the people who run these and guess who they will come after? Yes you the big gun who is pushing this everywhere. And no, you cannot blame Buhari for your misfortune when it happens. Frankly, it amazes me that people who should be knowledgeable are pimping this MMM stuff. It's a scam. And it will collapse like all ponzis do. It's just a matter of time. If you really care about your audience and want their good, not just money that will enter your pocket by doing a seminar, then you will NEVER promote that poo. It speaks volumes about the mentality of the general masses that they always gravitate towards a business "opportunity" that requires, "no work" and no "effort". NEWSFLASH: The only way to make money is to actually provide something of value to another person in exchange for cash, not to give someone money and then wait for another person to give you. What nonsense is that? This is my last say about this MMM and similar cash gifting programs. I do not want any part of it. I do not wish to receive any further enquiry about it from anybody. And please, next time before you come into my inbox with some frivolous questions about a program, do me and you a favour, fire up Google and do some research about it FIRST. Thank you. P.S. Please permission is granted to share this post if you want to. Blessings. 9 Likes 1 Share |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by cutesmilez(f): 8:26am On Sep 01, 2016 |
nandyz:Ogbeni how do they get d profit they send to members. No mmm member can answer this, but still Una still they do the scheme. 2 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by mykel25(m): 8:26am On Sep 01, 2016 |
mckoolcharming: No one is forcing you to leave....i can see you are fully convinced by it....- have done extensive research on it aand I saw a chance for it to be the biggest scam in social media....it ll get to a point they will match you with a personal account (acct of MMM organisers) that you should give the money to....remember it is termed HELP....so in court of law they cud use their terms n condition to win you, thinking deep you should ask yourself where ll they make the 30% interest given to you....surely some people ll be at d receiving end.....My thought tho! 3 Likes 1 Share |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Kobicove(m): 8:27am On Sep 01, 2016 |
If it sounds too good to be true...it probably is 1 Like |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by DarryOsh(m): 8:28am On Sep 01, 2016 |
Joel3: Yes! This is clear. However, at no point is money paid to MMM. People pay into each other's accounts. So, the question is: how does MMM make their money? 3 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by neocortex: 8:28am On Sep 01, 2016 |
Alphafeezay: How much loan has MMM given you and what have you used the loan for ? 2 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by godwinstringed1(m): 8:29am On Sep 01, 2016 |
A time will come when we will start hearing so many negative news from the Media about MMM. When that starts happening, know it that MMM has truly started changing the lives of many Nigerians beyond what we say among ourselves. Someone told me recently that the Cabals in the banking and Stock and Security Exchange Commission have concluded arrangements on launching a massive media campaign against MMM as they beginning to feel threatened that if MMM is allowed to strive, they will soon be out of business. But come to think about it, which oppressor will willingly give freedom to his slave? You no longer come to them to borrow and you expect them to sit back and watch? No, they will surely put up a fight, and that they are about to start. So, when you hear such rumours, just know it that you are already changing the world. And keep giving them the Mavro smiles 1 Like |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by aminho(m): 8:29am On Sep 01, 2016 |
[quote author=Mrakthedream post=48973863][/quote] 1 Like
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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by aminho(m): 8:30am On Sep 01, 2016 |
Mrakthedream:[quote author=aminho post=48974410][/quote] |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by unite4real: 8:31am On Sep 01, 2016 |
ochuski: Which part of the post did u not understand. see the bolded below 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. |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by igwegeorgiano(m): 8:31am On Sep 01, 2016 |
aminho:you lied. |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by vikeyz(m): 8:31am On Sep 01, 2016 |
I just dey observe sha, chk my signature and get a glimpse of MMM
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Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by godwinstringed1(m): 8:32am On Sep 01, 2016 |
MMM has over 10 safety nets which will never make it crash. And you Never notice But I will mention 10 out of them. *1, Pause mode* *2, 14 days defrost* *3, Extension of the getting help hours* *4, Seeking help from neighboring country* *5, No central account attached* *7, Peer to peer system* *8, Guider's efforts* *9 PH match hours extension* *10, Website upgrades and security* *1, Pause mode* This process is applied when the numbers of the people getting help is greater than the people help. The system will pause the GH transactions and allow more PH to come into the system for the duration of 2 and half months, then the system will now restart. PH means provide help and the GH means get help *2, 14 days defrost* The participants will not be able to withdraw their money until after 14 days when the payments have been confirmed. During this process, more PH would have come into the system therefore there would be pool of cash to pay the old participants. *3, Extension of GH hours* this occur when there is a public holidays when the banks are not working therefore, there won't be transaction and it may cause the problem to the system. The system will now extend the hours of the people who are getting help at that period to allow more People providing help into the system. *4, Help seeking from neighboring country* When there are more GH than PH in a country, MMM will look into the other countries which are doing well and match them together, pending the time that the affected country will be OK. *6, No central account attached* MMM does not have a certain account that we are sending to. MMM doesn't collect your money. *7, Peer to peer system* Participants pay directly to the bank account of the other participants seeking help *8, Guider's efforts* Guiders are the heartbeat of MMM, guiders make sure each and everyone in MMM understand the Ideology of MMM and how it works *9, PH match hours extension* When the system finds out that there are more GH than PH, the system will extend the hour of old PH so that to hold down their order matches duration and during this period, the system will allow more new PH to come into the system to get it balanced. *10, Website upgrades and security* MMM spends million of dollars in taking care of their website to cub online fraud in MMM, such as scam and other Threats. 4 Likes 2 Shares |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Feli2015: 8:33am On Sep 01, 2016 |
As I am posting now i am in a queue at UBA to pay in some money to MMM participants which my own will mature soon. MMM IS REAL. |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by teebillz: 8:33am On Sep 01, 2016 |
MMM’S GLOBAL PYRAMID SCHEME 'COLLAPSES'! RUSSIAN convict Sergey Mavrodi has allegedly gone into hiding after announcing that his Bitcoin-based MMM Global scheme had failed and was shutting down this weekend. http://www.dailysun.co.za/News/National/alleged-sa-ponzi-scheme-mmms-global-pyramid-collapses-20160412-2 MMM (Ponzi scheme company) 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. 1 Like |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Iceking1(m): 8:33am On Sep 01, 2016 |
Joel3:. . Hello sir, good morning sir. Sir i have a question. . . Sir lets say for example i helped some one and later someone requested for help from me and i don't have any more money what will happen? 2 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by egopersonified(f): 8:34am On Sep 01, 2016 |
scam or no scam, when you see so many people running to a particular investment, collect your cash and exit that investment, it is only a matter of time before it crumbles. Example; where are all the profit and capital from bank shares almost all Nigerians bought years back? 2 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by homesteady(m): 8:35am On Sep 01, 2016 |
I wouldn't call it a scam, I received my 1st pay last week! All the people around me know that it is not a tangible stuff and is likely to pack up anyway, that's my joy! So it's more like a risk, and the website even tells you it is a risk and you shouldn't invest your life savings! It would likely voters up soon now that this busybody SEC have join mouth, but I hope it lasts for another one month because I want to provide help today but with a smaller amount than I initially planned to use, I no fit shout abeg! The fear of new people not joining is unfounded fear as for now, because there is a huge traffic of new comers! It is even taking more time before people are paired! 1 Like |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by dhesmond(m): 8:35am On Sep 01, 2016 |
MMM is not a ponzi scheme, in ponzi scheme old investors don't put their money they get profit illegally from the new investors. 2 Likes 1 Share |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by PaulIdu: 8:37am On Sep 01, 2016 |
staggerman: This portion of your post clearly exposes you as someone with poor financial knowledge and one who delves in fantasy instead of reality |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by ochuski(m): 8:38am On Sep 01, 2016 |
unite4real: I dont get u i never said anything about not understanding the post or is it dat u dont understand my comment? |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Nobody: 8:40am On Sep 01, 2016 |
mckoolcharming: Do you even realise what a Ponzi scheme is ? |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by micky2004: 8:40am On Sep 01, 2016 |
niggi4life:traffic my brother, the same way Facebook, Google, Yahoo, Twitter is making their money from the data you are buying to browse their websites. 2 Likes 1 Share |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by obed92(m): 8:41am On Sep 01, 2016 |
Hmmm. What a nation and desperation for people to make money 2 Likes |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Bizibi(m): 8:42am On Sep 01, 2016 |
Kenbee001:it is not fr everyone, it is for those who re ready to take the risk.....there re good ones and bad ones.someone I know flagged a bad one that just came into the country. |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by Mrakthedream(m): 8:42am On Sep 01, 2016 |
[quote author=aminho post=48974410][/quote] Lol..which country is this?...I thought you are a Nigerian?...Nigerian Money is in NGN not CYN...I am still waiting for the real proof bro..not this fake screenshot..pls try harder... Note:..It is "provide Help"....not "I want to provide help"... I am stilll waiting for the real screenshot of your account not this fake rubbish. |
Re: SEC Warns Nigerians Of The Dangers Of MMM, Calls It Fraud by deenee: 8:42am On Sep 01, 2016 |
IT IS A PONZI SCHEME SIMPLE AND SHORT. I AM REALLY AMAZED AT THE LEVEL OF IGNORANCE ON THIS THREAD. WHAT DO THEY DO WITH THE MONEY THAT THEY COLLECT FROM INVESTORS? WHAT IS THEIR BUSINESS MODEL? WHAT LINE OF BUSINESS ARE THEY INTO? THEY DONT HAVE A REGISTERED OFFICE, NO RECOGNITION BY ANY OF THE REGULATORY BODIES, YET PEOPLE ARE SAYING IT IS NOT A PONZI SCHEME! I FEAR FOR THE YOUTH OF THIS COUNTRY! 2 Likes |
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