Welcome guys, to the month of semptember. You may have come across an online investment scheme tagged 'MMM Federal Republic of Nigeria' on differrent social media platform, some may wonder what MMM is about, others may say its the latest way to make quick money.
Personally, i'm not into MMM investment scheme, which promises over 30% profit on capital, but i know some persons that have made some cash from it. But with the latest statement from SEC (Security and Exchange Commission), one has to be very careful so as not to fall victim if there is a bad ending for this viral online business. The statement by SEC according to Punch Nigeria reads;
“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.”
According to Investopedia.com, a Ponzi scheme is a fraudulent investing scam which promise's high rates of return with little risk to investors. The scheme generates returns for older investors by acquiring new investors.
My advice is that one should be very careful when investing on MMM, if you choose to invest, invest with the amount of money you can do away with if anything goes wrong. Dont use your life's savings on MMM just because the little money you invested gave you some good returns, then you want to invest very huge amount in other to get very huge return?
Source: Punch
