The CEO of MMM Global and (MMM Nigeria) Seigei Marvrodi is a convicted fraudster and had run similar fraud schemes in Russia where he defrauded investors over a hundred billion dollars and was jailed for 4 and a half years...
MMM Global Has Been Declared Illegal By Chinese Government...
South Africans who used their bank accounts for MMM are having their account frozen or blocked...
Nigerians who use their bank accounts for MMM may soon have their bank accounts blocked soon...
Any network marketing company without tangible products or services yet pays you commissions or interests is illegal and never registered by any govt. The owners and members alike risk going to jail...
Only greedy people who want quick money fall for such cheap scam websites without physical contact addresses and phone numbers...
It is obvious that many Nigerians(Nairalanders) are getting aware of this current Pyramid scheme trending in Nigeria called MMM Nigeria (http://www.nigeria-mmm.net) which promises 30% Return on Investment(ROI) after 30 days.
I called the business a Pyramid/Ponzi scheme, Yes I did, Why would drizzymadbet call it a Pyramid/Ponzi Scheme ? First let's examine what a Ponzi/Pyramid scheme is one should be wary of MMM Nigeria
A Ponzi scheme (also a Ponzi game or a Ponzi) is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.
Initially the promoter will pay out high returns to attract more investors, and to lure current investors into putting in additional money. Other investors begin to participate, leading to a cascade effect. The "return" to the initial investors is paid out of the investments of new entrants, and not out of profits.
Often the high returns encourage investors to leave their money in the scheme, with the result that the promoter does not have to pay out very much to investors; he simply has to send them statements showing how much they have earned. This maintains the deception that the scheme is an investment with high returns.
Unraveling of a Ponzi scheme
When a Ponzi scheme is not stopped by the authorities, it sooner or later falls apart for one of the following reasons.
1. The promoter vanishes, taking all the remaining investment money.
2. Since the scheme requires a continual stream of investments to fund higher returns, once investment slows down, the scheme collapses as the promoter starts having problems paying the promised returns (the higher the returns, the greater the risk of the Ponzi scheme collapsing). Such liquidity crises often trigger panics, as more people start asking for their money, similar to a bank run.
3. External market forces, such as a sharp decline in the economy (for example, the Madoff investment scandal during the market downturn of 2008), cause many investors to withdraw part or all of their funds.
Why do I drizzymadbet believe that MMM Nigeria is a pyramid/Ponzi scheme lets look at the following reasons:
The promise of a 30 % ROI is outrageous and not in terms with standard rates of investment (Example one makes a profit of 30,000 naira for every 100,000 naira invested in the system in 30 days , excluding additions that comes from referral, signing up and testimonial bonuses) No legal financial company can offer you that investment plan.
Such "Return on Investments" been paid to older clients are money received from new clients and the circle continues, the 30% is never made from company profits. That is why there is aggressive ad campaign from the company(MMM Nigeria) paying massive additional bonuses to recruiters that they call guiders to conduct seminars and deceive gullible Nigerians into joining the scheme to keep the system alive.
One thing that I am certain of is that MMM Global is not an investment firm, rather it is more like a Cash Gifting racket. Think about it, if MMM Global does not invest the money elsewhere, how are they able to support the 30% return every month? Whatever money that is poured into the MMM Global system stays in the pool, and it does not grow.
The only way to grow it is if there are new "investors" pouring money into the system.
MMM has been existing for more than a decade, and it was founded by Sergey Mavrodi, Vyacheslav Mavrodi, and Olga Melnikova in 1989. The name "MMM" was taken from the founders' first initial of their surnames.
MMM-SergeySergey Mavrodi is known as a fraudster who cheated Billions of dollars from hard working Russian citizens, and was jailed for 4 and a half years. You may check out his history in the following articles:
Mavordi 'MMM Global' Scam Declared Illegal By Chinese Government http://coinjournal.net/mavordi-mmm-scam-declared-illegal-by-bank-of-china/
Russian 'Ponzi scheme' raises fraud flags at South African banks: http://businesstech.co.za/news/banking/109899/russian-ponzi-scheme-raises-fraud-flags-at-sa-bank/
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