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Nairaland Forum / Nairaland / General / Business / Thousands Of Zimbabweans Lose Money As MMM Crashes (105442 Views)
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Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by binarykid(m): 12:11pm On Sep 26, 2016 |
nitiresources: no one has said it better than U have sir ...(they will keep increasing their investment until their greed catches up with them) This is the major reason so many ppl will cry when the scheme goes down as i know a lot of MMM participants but trust me their amount of PH is ever increasing. Even the proponents of the MMM scheme stated that all that is required for the scheme to continue is by a participant putting back even only the 30% gained and everybody is safe... but alas our pple no gree thats y the number of pple currently on queue to PH is overwhleming. As it is now sef u can even make a pledge to PH and ur money would still be with u for up till 26days without being matched with anybody. Anyways weda it closes now or next year.... I believe the smart 1s wud af made their gain. 3 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by DanielGb(m): 12:13pm On Sep 26, 2016 |
Toks2008: The reason is because most people are into it to get profit not really help the business. I also have the mindset. After all, Mavrodi self dey make money from it. Another Problem is the government. They will never support it. Well, they have 100% influence over the people as the judge what is right or not. |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Nobody: 12:13pm On Sep 26, 2016 |
Lilimax: you seem to have invested and is consoling yourself. Any graduate on that scheme.. who did arithmetic progression or fibonachi and still invested should be shot in the forehead. You should know it's an unlimited scheme with old request neing fueled by new ones. Money is finite and not unlimited and it would get to a point where all the requested amount cannont be satisfied by those investing. |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by eph12(m): 12:15pm On Sep 26, 2016 |
ozimec:That company does not exist. Simple. A time will come when you need help and there's nobody to provide help in this MMM. What do you do then? 1 Like |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by adewalok(m): 12:17pm On Sep 26, 2016 |
From #wikipedia 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 1 History 2 See also 3 References 4 External links History 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) https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)/ |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by AlphaT1(m): 12:18pm On Sep 26, 2016 |
MadCow1:Where exactly are you searching online? Coz it's everywhere. http://www.google.com.ng/search?site=&source=hp&ei=BAPpV_iAOcStsgHMz7TgAw&q=MMM+crashes+in+Zimbabwe+&oq=MMM+crashes+in+Zimbabwe+&gs_l=mobile-gws-hp.12.3913.19299.0.24736.21.20.0.1.1.0.1613.9786.2-3j4j5j5j1j0j1.19.0.0.1c.1.64.mobile-gws-hp.3.13.6149.3.0j41j0i131k1j0i10k1j0i22i30k1.TlHMZXhcBoY |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Donsheddy: 12:18pm On Sep 26, 2016 |
LBM COMES TO MY MIND WHERE EVER I SEE MMM. |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by LordScent(m): 12:18pm On Sep 26, 2016 |
[b] MMM cannot be defended. But while it may be the most crooked way on earth to earn financial freedom, i bear it in mind of how i predicted it wont last more than January. Here we are in october. With over 600000 nigerians on the platform and still yet to hear of one fraud. Maybe this is me believing too much in the saying "LIFE ITSELF IS A RISK" but i am happy to do MMM. It's not meant for robots or animals, hence the rigorous processes and warnings indicated clearly of its "NO GUARANTY" before registering. It is a matter of choice. If tommorrow it folds, i have made my choice. And if it doesnt in the next 1 year, i will still keep smiling. Haters can go to he11 .But Come to think of it, how much of MMM do we really know?..... Atleast i know a bit to trust them with my SPARE cash.... The worst that can happen is to loose money which everyone was well informed of prior to entry. SO WHY THE NOISE PLEASE....MUST YOU DIE ON OTHER PEOPLE'S CASE .... P.S i saw some chronic bettors spewing thrash too ... They gamble away their house rent, salaries on bet9ja regularly with nothing to show for it (with a probability of 2%)...... But its okay to bet, MMM is the devil. Lolz. Hypocrites everywia. [/b] 7 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by geostrata(m): 12:20pm On Sep 26, 2016 |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by greggng: 12:22pm On Sep 26, 2016 |
Whether we like it or not it will one day crash in Nigeria. We all saw what happened to liberty reserve. We woke up one morning to discover our money in lr has gone |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Toks2008(m): 12:22pm On Sep 26, 2016 |
DanielGb: This is not maybe but it works. I have my integrity to protect and heaven forbid I promote what will not work. I finished service in 1998 and while looking for a job I joined GNLD but the stress was too much so one day in the bus I met an elderly lady from Ghana who told me that the stress of marketing GNLD will wear me out so she introduced the global coperative system to me and I got the drift at once. This is not a ponzi or make money quick program and in fact your participation us for free as soon as you refer 3 people who will also donate... It is a superb system that allows people to help each other financially. You help people with 54€ voluntarily WITHOUT EXPECTING ANYTHING IN RETURN....meaning you are joining with the heart of a giver. At this point if you like you can go to sleep but trust me..you will only get your reward from above as a giver. But if you really want to benefit immensely you will have to refer at least one person to also donate 54€ and for every person you refer to donate you will earn 18€ meaning by the time you refer 3 people to donate, your full donated sum of 54€ is back into your pocket meaning your participation is now free . The next thing is to expect deposits of 3€ and 10€ deposited into your bank account at 500naira to 1€. The system works on a true, tested and trusted network principle so if you believe you can't refer at least one person please stay clear. It costs N27,000 as 1€ is pegged at N500. And as I wrote, your full 27k is immediately back into your pocket after you refer 3 people from any part of the world. |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Nobody: 12:23pm On Sep 26, 2016 |
Nairaland is purely anti-mmm right from day one so am not surprised. Mods am available to be banned but I have to say the truth. Someone is sponsoring media attacks against mmm. You should get to find out why it was restarted and not crash. Anyway mmm is booming and I don't think many nigerians are interested in what the media like nairaland is saying. Everybody to his own but know that by December the situation of this country will be so terrible that people will kill their fellow man and eat 3 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by francx(m): 12:23pm On Sep 26, 2016 |
x240:Hope ur Fibonacci don buy u brand new car dis year becos if not u should be shot it the fore head for spewing out somtin DAT isn't profitable to ur life 9 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by altitudee: 12:23pm On Sep 26, 2016 |
I invested N20k last month and i got N35k this month...abeg i don gain...the life we live is all about risks....MMM provide the warning at the top of thier website "put the money u can let go of"... by God grace i will provide 20k again next week and wait for my 35k. if it crash before then....all is risks 8 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Ihsan6(m): 12:26pm On Sep 26, 2016 |
chronique: Instead of you to make you gateway lose from MMM u stil dey dia dey vex...MMM is not gateway and its still pays Urgently register 1 Like |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by dasrackhor(m): 12:28pm On Sep 26, 2016 |
stuntman007:This MMM of a thing is not just in my mind,right from the onset my spirit is against it...Bro,pls can you give me more info on the T Bill stuff you talk about..Am really interested in investing..Await your quick response.. 1 Like |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Laredojohn(m): 12:28pm On Sep 26, 2016 |
francx:U have right to your own opinion...state urs and dnt use mine as reference...u do not need to stress ur point, if u have funds in there...and u have confidence in it, continue, u need not preach to me... |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by jaybee3(m): 12:28pm On Sep 26, 2016 |
altitudee: Why don't you put the 15K profit back into it rather than potentially losing 5k of your initial capital? 4 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by honourhim: 12:28pm On Sep 26, 2016 |
I said it before in Nairaland that MMM is a fraud but some people here were opposing me. Now you all can see it. When experienced people are talking, children don't listen. |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by agarawu23(m): 12:28pm On Sep 26, 2016 |
geostrata: |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by doingood: 12:30pm On Sep 26, 2016 |
Take a risk and make a million |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by benzems(m): 12:32pm On Sep 26, 2016 |
Zimbabwe again Just recently: See Zimbabwe 100 Trillion Dollar note that cannot buy Bread http://benzems042..com.ng/2016/09/see-zimbabwe-100-trillion-currency-that.html |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by bedfordng(m): 12:33pm On Sep 26, 2016 |
mmmm |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by PAnaceA7(m): 12:34pm On Sep 26, 2016 |
Lilimax: Hope u won't cry when the hammer finally comes.. Ur response should be to pull out when u can rather than to enjoy it while it last |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by francx(m): 12:34pm On Sep 26, 2016 |
chronique:in 2008 u were stupid allow us to be stupid now atleast Mmm hasn't gotten away wit our money like it did wit d stupid version of u. Ppl DAT started with less Dan 100k can now boast of millions u are dere talking getaway. 1 Like |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Nobody: 12:34pm On Sep 26, 2016 |
lol thank God i made my 4M from them |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by francx(m): 12:35pm On Sep 26, 2016 |
honourhim:who did it fraud DAT u know.if u are referring to Zimbabwe check it ur self nobody lost dere money 1 Like |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by Cobab(m): 12:36pm On Sep 26, 2016 |
Hmnnmmm, we told them o |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by mostwantedguy: 12:36pm On Sep 26, 2016 |
altitudee: U have been misinformed. U'll only cash out 26k in your 2nd PH. This is so cos u were given a $20 initial starters bonus in ur previous PH . 3 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by francx(m): 12:37pm On Sep 26, 2016 |
Anticorruption:u shouldn't be talking like dis am sure u are a guider u should be speaking up for Mmm not saying thank god u got ur 4m like it is somtin DAT has already crashed. 2 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by tolexy007(m): 12:39pm On Sep 26, 2016 |
i have being paying my rent with easy, furnishing my room with d help of mmm and someone now came here and telling me mmm is fraud. i have study nigeria mmm very well, it takes a lot of days b4 you will be merged to pay, but it will not take u 2days b4 u will b paid, is because the system is workig perfectly.... this news came out to put fears into the minds of mmm members in Nigeria, just to kill the scheme. 2 Likes |
Re: Thousands Of Zimbabweans Lose Money As MMM Crashes by pippimp(m): 12:40pm On Sep 26, 2016 |
anigbajumo: Unfreaking believable. Do you understand what "ponzi" really means? Word of advice; Never ever let hunger and poverty overtake common sense. |
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