Tagged: MMM Global

0

Russian scammers tried to resurrect Sergey Mavrodi

Following the death of their golden goose, Russian scammers tracked down a Sergey Mavrodi lookalike.After initially agreeing to be the “new” face of the MMM Global, Vladimir Fomin has revealed how “people from Moscow” hoped to resurrect the notorious Ponzi scheme.
After he was contacted, Fomin, who is originally from Kineshma, claims
he was told that the image of Mavrodi would be used to create an online game. As soon as the man agreed, 17 thousand rubles ($250) were transferred to his bank card, and then he and his wife were transported to Moscow.
Upon arriving, Fomin was given a make-over to make him…

0

MMM Global’s Sergey Mavrodi dead of a heart attack at 62

When I first learned of Sergey Mavrodi’s passing earlier today, my first reaction was “What is he pulling this time?”Such has been the staying power of Mavrodi’s MMM Global since it first popped up in 2011.Without a doubt MMM Global is one of, if not the most pervasive fraudulent schemes in MLM history.By now it has been confirmed that Sergey Mavrodi did indeed pass early morning on March 26th.On the evening of March 25th, Mavrodi (right) is reported to have been waiting at a bus stop in Russia’s capital, Moscow.At some point he is believed to have been struck down by a…

0

Peru issues Pay Diamond, OneCoin, CoinSpace & MMM Global warning

Peru has grouped some of the top MLM Ponzi schemes doing the rounds and issued a collective consumer warning.The warning was issued on September 9th by Superintendencia De Banca, Seguros & AFP (SBS), Peru’s top financial regulator.MLM companies named in SBS’ warning include Pay Diamond, OneCoin, CoinSpace and MMM Global (MMM Peru).The business models of the four companies see them each solicit investment and use newly invested funds to pay off existing investors.The business models also reward affiliate investors for recruiting new investors, combining both pyramid and Ponzi fraud.Pay Diamond affiliates invest up to $36,000 on the promise of weekly ROI…

0

Authorities to target banks helping to facilitate MMM Nigeria Ponzi scheme

I don’t know what it is about Nigeria and the MMM Global Ponzi scheme, but for some reason locally scam refuses to die out.Despite having collapsed three times beginning last December and resulting in an estimated $57 million dollars in losses, MMM Nigeria continues.Criminal action has been taken against at least one MMM Nigeria affiliate, however ringleader(s) have long since fled the country.The current iteration of MMM Nigeria bills itself as “MMM Federal Republic of Nigeria”.There’s even a Google Play approved app MMM Nigeria participants can use to track how much money they’re stealing.The MMM Federal Republic of Nigeria website meanwhile is…

0

MMM Nigeria affiliate facing eighteen years in prison

Following the collapse of MMM Nigeria a few months ago, it was estimated that some 3 million Nigerians together lost $57 million dollars.Following a criminal complaint filed by two affiliates, now one MMM Nigeria affiliate is facing up to fifteen years in prison.On March 1st Chukwuebuka Ezengwu convinced Chukwumeka Okafor and Paul Ekene to invest N286,000 ($907 USD) into MMM Nigeria.Shortly thereafter MMM Nigeria collapsed and Ezengwu refused to refund the pair their money.A criminal complaint was filed and Ezengwu arrested.The prosecutor said that the offences contravened Sections 287 and 314 of the Criminal Law of Lagos State, 2015.The combined maximum penalty for the…

0

MMM Reunited Review: 100% a month ROI MMM Global clone

MMM Reunited provide no information on their website about who owns or runs the business.The MMM Reunited website domain (“mmmreunited.org”) was privately registered on January 29th, 2017.Alexa currently estimate that the US (53%) and Nigeria (25%) are the top sources of traffic to the MMM Reunited website. This suggests that whoever is running the company is likely based out of one of these countries.As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.MMM Reunited ProductsMMM Reunited affiliates invest $20 to $1000 on the…

0

3 million Nigerians lose $57 million in MMM Nigeria collapse

The Nigerian Deposit Insurance Corporation has revealed that an estimated three million Nigerians lost over $57 million USD in the MMM Nigeria collapse.Speaking at an International Trade Fair on Thursday, Hadi Suleiman, NDIC’s Deputy Director of Corporate Affairsexpressed regrets that Nigerians patronised the scheme despite repeated warnings from the Central Bank of Nigeria.The Ponzi scheme is the phenomenon of illegal fund managers, popularly called ‘Wonder Banks’, which have continued to defraud unsuspecting members of the public of their hard earned money.This phenomenon has been a source for concern because despite our repeated warnings over the years, some members of the public have…