SEC GOES AGAINST MMM NIGERIA

Recent revelation from the Nigerian SEC shows that all that glitters are not gold when it comes to MMM. If you are already a member of the group, i think you should read this forwarded as it is from the Punch

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 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 viaNigeria-mmm.net portal/platform, and are promising investors a monthly investment return of 30 per cent.

SEC said the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.

Investopedia.com describes a Ponzi scheme as a fraudulent investing scam promising high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.

SEC on its website, said, “The attention of SEC, Nigeria 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 per cent.

“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.”

SEC, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.” 

A word is enough for the wise. If you are spending on MMM, do so with caution. Am. Not saying it's actually or totally scam you shouldn't put all your eggs in one basket. This is why i haven't written anything about MMM as i haven't tested and confirm it just as i did with swiscoin

Have accumulated some cash within the few few weeks i invested in Swisscoin. You can join swisscoin but do so with caution as well. Am not condemning them as many people are already making it big with the schemes. So what's your say about this? Have you already registered with MMM? Have you made any profit from the scheme at all? Let's see your opinions via the comments box.