31/10/2016
In 2015 MMM began operating in South Africa with the same business model as MMM-2011, claiming a “30% per month” return through a “social financial network”. The group was identified as a possible pyramid scheme by the National Consumer Commission and accounts of clients were later frozen by Capitec Bank. In response to mounting criticism and official investigations by state authorities in 2016 supporters of the South African MMM scheme staged a protest march in Johannesburg.
In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered).
In 2016, MMM launched a website targeting the Nigerian audience.
In August 2016, the Nigerian Securities and Exchange Commission declared MMM a ponzi scheme and advised Nigerians to distance themselves from the scheme.
John now understands that this MMM will eventually fold up sooner or later so he carefully weighs his options……
THE GOOD:
If successful, he would get 30% return. No other investment opportunity will give him such. If he survives the first month, he could take out his capital and keep on reinvesting the profits, in the same style as James. He could refer others to join and hence make extra returns.
