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Lady Exposes Scam Artist Who Impersonated Rev. Father Mbaka

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A young lady just exposed a scam artist who try defrauding her using a fake Rev. Father Mbaka Facebook account.

Scam Alert: Beware of the investment company MMM?

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The Securities and Exchange Commission, Nigeria (SEC) recently rejected the activities of an investment scheme tagged MMM Federal Republic of Nigeria ( nigeria-mmm.net ). MMM has been widely regarded as a Ponzi scheme. The company claims to give 30 percent interest to their members each month and 10 percent upon referral of any new member. SEC warned that the company is not registered by the commission, and that business with them is high risk. What you need to know about MMM’s Ponzi Scheme MMM stands for Mavrodi Mondai Movement. The scheme was founded by Sergei Mavrodi in 1989 and was converted into a ponzi scheme. In 1994 the company went bankrupt and Mavrodi went into hiding until 2003. In 2007, a Russian court arraigned Sergei Mavrodi for defrauding 110,000 investors of 110 million rubies. He was sentenced to four and half years in a penal colony. A Ponzi scheme is an illegal investment scheme where the person or organization running it pays returns to existing investors f