Is MMM a Ponzi scheme?
Is MMM a Ponzi scheme?
MMM Global (also known as МММ-2011 / МММ-2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries; it became widely popular in various African countries such as South Africa, Nigeria, Zimbabwe, Kenya and Ghana with some attributing this popularity to poverty and poor …
What is MMM investment?
Mavrodi Mundial Moneybox (MMM), the Russian-founded Ponzi scheme which wrecked the lives of so many Nigerians in 2017 is back in business. Apparently, some Nigerians never learned anything from their past experience because they are buying into yet again.
How long did MMM last for?
However, the success didn’t last for long. Eventually, the company was shut down in 1994 and it declared bankruptcy in 1997. Unfortunately, everything didn’t end here. After 14 years, the company reopened as “MMM Global.” Here’s where the story of MMM and Nigeria started.
What does MMM stands for?
MMM
| Acronym | Definition |
|---|---|
| MMM | Multi Media Movie |
| MMM | Marketing Mix Modeling (statistical analysis) |
| MMM | Million Marijuana March (aka Global Marijuana March) |
| MMM | Magnetism and Magnetic Materials (annual conference) |
How did MMM operate?
According to MMM itself, it is a “social financial network of people providing help and getting help from each other”. Members are supposed to receive 30% back on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, has three million members.
What happened to MMM in Nigeria?
Mr. Mavrodi launched his controversial scheme in 2011 and crashed in Nigeria in December 2016; with millions of Naira belonging to Nigerians trapped in the scheme. Although the scheme announced a comeback in 2017, it could not launch operation before the renewed enthusiasm among its members fizzled out.
Who introduced MMM to Nigeria?
Sergey Mavrodi
The scheme, with subsidiaries in up to 110 countries, was first launched in Nigeria in 2016. In January 2017, Sergey Mavrodi, founder of MMM, announced that all Nigerian accounts from 2016 would be frozen, asking that they pay some money into the system before they can cash out their prior investment.
