MMM Global - pyramid scheme

[R13...]

So that makes it alright then?

I don't know, does it?

 

[Excalibur]

What is the deal with MMM?

We have received many reader queries about MMM and whether or not it is a safe investment.

The scheme has been investigated by the National Consumer Commission, which states that it has “handed all related information to the SA Police Service for further handling”.

More here http://city-press.news24.com/Personal-Finance/what-is-the-deal-with-mmm-20160330

 

[supersunbird]

I invested R1000 in the JSE and lost everything. Who is defrauding who?

Yeah, what stock was that?

I'd love to know too..

 

[smallearth]

I'd love to know too..

And you will never know. Because it's a story.

 

[supersunbird]

And you will never know. Because it's a story.

I know

 

[halfmoonforever]

Back in 2008 I invested in a publicly listed construction company who went bust

 

[doubletrouble]

Cape Town – Russian convict Sergey Mavrodi has allegedly gone into hiding after announcing that his Bitcoin-based MMM Global scheme had failed and was shutting down this weekend.

MMM South Africa – its local branch - is one of nine companies being investigated for being an alleged Ponzi scheme by the South African Police Service’s Specialised Commercial Crimes Unit, after the National Consumer Commission’s initial probe in 2015.

The South African “community” has been growing in numbers over the years, as South Africans seek ways to escape debt and poverty. It has even been described as a stokvel by some, and has become an emotive topic for those who buy into it.

“We regret to inform you that we have to close down the Republic of Bitcoin. It was an experiment, and, unfortunately, it failed,” the last Facebook entry on MMM Global states. “We turned out not to able to pay 100% per month.”

http://www.fin24.com/Money/Investme...scheme-mmms-global-pyramid-collapses-20160412

 

[ice_cubes]

http://www.fin24.com/Money/Investme...scheme-mmms-global-pyramid-collapses-20160412

MMM EXTRA 100% (the international one) closed down, not MMM RSA 30%

 

[Suspect99]

http://www.fin24.com/Money/Investme...scheme-mmms-global-pyramid-collapses-20160412

Oh ****. I forsee a ****storm at work.

 

[ice_cubes]

Oh ****. I forsee a ****storm at work.

 

[Arzy]

Bound to happen.

 

[Neo_za]

Republic of Bitcoin 100% one is the one that's closing, the 30% and 40% one in SA is still operational

 

[Arzy]

Republic of Bitcoin 100% one is the one that's closing, the 30% and 40% one in SA is still operational

For how long when people see that affilliates are closing down though? This entire system is based on peoples hope that someone else will send them money and its just become a lot more risky.

 

[Neo_za]

True, But what i realize is people do like these ponzi schemes, why don't they legalize them since at the end of the day it's ones choice to join it,Casinos are legal and our country is still operational

 

[R13...]

True, But what i realize is people do like these ponzi schemes, why don't they legalize them since at the end of the day it's ones choice to join it,Casinos are legal and our country is still operational

They should legalise with the proviso that the scheme has to make full disclosure that some fools must expect to be parted with their money.

 

[Neo_za]

Also the lottery chows peoples monies day in day out

 

[supersunbird]

Back in 2008 I invested in a publicly listed construction company who went bust

Luckily you diversified... right?

 

[doubletrouble]

Cape Town – If MMM Global SA is a stokvel and not a pyramid scheme, as claimed by some of its members on Tuesday, then it needs to be a member of the National Stokvel Association of South Africa (Nasasa) or a similar body and conform to its rules.

http://www.fin24.com/Money/Investments/mmm-pyramid-scheme-stokvel-or-wealth-revolution-20160413

 

[Moses29]

I have been listening to people talking about this pyramid system, how it helped them since they joined it. So I want to do it also not to try it but do it.

 

[HeftyCrab]

I have been listening to people talking about this pyramid system, how it helped them since they joined it. So I want to do it also not to try it but do it.

It just collapsed and the guy who started it dissapeared with an unknown amount of money.