Nigeria SEC Warns Of The Dangers Of MMM, Says Its Fraud

Share your experiences with fraudsters, help others by alerting them of fraudulent signs, share mails, texts, calls etc suspected to be fraudulent with the aim of equiping others.
Comment
User avatar
Key7
Senior
Location: Osogbo
 

September 3rd, 2016, 5:10 pm

The #MMM craze is sweeping through Nigeria. In fact, I personally see at least 5 people per week encouraging me to participate. But why participate when the nations Security and Exchange Commission SEC calls it fraud? Hope people will learn before it gets too late.
mmm.jpg
Per Punch News:
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 via Nigeria. 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.). 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.”

In a related development, SEC said its attention had been drawn to the activities of one Mrs. Oge C. Ottiwu of No. 118 Zink Avenue, Opposite Eke Market, Awka, Anambra State, allegedly engaging in capital market activities without any registration within Anambra State and its environs.

“Section 38(1) of the Investments and Securities Act, 2007 requires any person who intends to operate as a professional in the capital market or carry on securities business to be registered by the commission before engaging in such activities. It is therefore illegal to carry on any kind of capital market business without registration,” it said in a post on its website.
Source: PUNCH

Please share...

User avatar
Champ123
Senior
 

September 3rd, 2016, 5:18 pm

I don't trust that baseless scheme.
Life is simple. Seriously. :mrgreen:
buruji

September 3rd, 2016, 5:24 pm

Source: Punch
punchng. com/online-fraudsters-hit-capital-market-sec-warns/
User avatar
Pampers
Senior
Location: Nigeria
 

September 4th, 2016, 6:57 pm

reports say some people are getting good money. but like very other schemes. it goes bad eventually.
Tell me what you see when you see me...
User avatar
Emi
Senior
 

September 4th, 2016, 9:07 pm

E go soon blow. Guys beware.
I'm sekxy and I know it... :w':
Frodo
Junior
 

September 7th, 2016, 6:22 am

It's not even the first time. Are Nigerians deaf?
IMG_20160907_062105_052.JPG
User avatar
Erudite
Senior
Location: Naija
 

September 7th, 2016, 9:33 am

Get rich quick schemes are too risky. Why not do real business?

And grow our nation?
That's Nigerians problem. Let's be creative, rather than fall for the shot of oyinbo people. They are here cos they know our nation is in distress. So they wanna take advantage of our recession. Let's kick D duck out
Fulfillbill
Newbie
 

September 8th, 2016, 6:28 pm

I think its a scam... try this link
http://Fans2Earn.com/?ref=132262 to make cool cash online.
User avatar
TitanKenneth
VIP VIP
Location: New York
 

May 10th, 2021, 2:00 am

okay.
Follow me on facebook "Titan Kenneth".
https://mobile.facebook.com/profile.php ... speed_dial
Comment
  • See also...
    Comments
    Views
    Last post
  • Information
  • Online

    Users browsing this section: No members and 1 guest