Friday 2 September 2016

MMM Is A Ponzi Scheme, SEC Warns Nigerians

The Securities and Exchange Commission has raised the
alarm over the activities of some online fraudsters, who are
currently running an online investment scheme tagged ‘ MMM
Federal Republic of Nigeria ’ .

The fraudsters , according to SEC, carry out their illegitimate
business via Nigeria . portal /platform , and are promising
investors a monthly investment return of 30 per cent .
SEC said the venture had no tangible business model ,
describing it as a Ponzi scheme , where returns would be paid
from other people ’ s invested funds .
Investopedia .com describes a Ponzi scheme as a fraudulent
investing scam promising high rates of return with little risk to
investors . The scheme generates returns for older investors
by acquiring new investors .
SEC on its website , said , “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 . ”
In a related development , SEC said its attention had been
drawn to the activities of one Mrs . Oge C. Ottiwu of No . 118
Zink Avenue , Opposite Eke Market , Awka , Anambra State ,
allegedly engaging in capital market activities without any
registration within Anambra State and its environs .
“Section 38 (1 ) of the Investments and Securities Act , 2007
requires any person who intends to operate as a professional
in the capital market or carry on securities business to be
registered by the commission before engaging in such
activities . It is therefore illegal to carry on any kind of capital
market business without registration , ” it said in a post on its
website .
Source : Punch

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