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Public Alert on the Activities of “MMM Federal Republic of Nigeria” (Nigeria.mmm.net)

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Public Alert on the Activities of “MMM Federal Republic of Nigeria” (Nigeria.mmm.net) 30/08/2016 The attention of the Securities and Exchange Commission, Nigeria (“SEC”) has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net). The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network” with a monthly investment return of 30% The Commission hereby notifies the investing public that the operation of this investment scheme has no tangible business model hence it’s a PONZI SCHEME where returns are paid from other people’s invested sum. Also, its operation is not registered by the Commission. The general public is hereby advised to distance themselves from this online scheme. Please note that anyone that subscribe to this illegal activity does so at his/her own risk. SOURCE; http://sec.gov.ng/the-attention-of-the-securities

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