ponzi

Tackling Menace Of Ponzi Schemes

January 8, 2020 8:51 pm

The Securities and Exchange Commission has made progress in tackling the activities of Ponzi schemes as part of efforts to protect investors in nation’s capital market, writes Goddy Egene

“We are working on the cases that we have at hand and they will be charged to court soon. They (Ponzi schemes) are everywhere and we are taking good actions to ensure that innocent Nigerians are not defrauded of their hard earned money. The cases are being prepared right now, and also establishing a process and structure. Once we are done with that, they will be charged to court.”

The above …

MMM Ponzi Scheme back in Nigeria, woos people again

June 22, 2019 11:42 am

Notorious Mavrodi Mundial Moneybox (MMM), the Ponzi scheme which dashed the hope of over three million Nigerians in 2017, is back.

The new version known as MMM Cooperation promises as much as 50 percent return on any amount invested in it — 20 percent more than what the extinct version offered.

Just like the previous version, participants are to register, invest a particular amount in the form of “providing help” and “get help” with their investment and interest back after 30 days.

And some Nigerians are falling for it yet again!

Read Also: Beware of Loom ponzi scheme, SEC cautions …

Beware of Loom ponzi scheme, SEC cautions Nigerians

May 16, 2019 9:32 am

The Securities and Exchange Commission (SEC) has raised the alarm over the activities of some fraudsters currently running an online investment scheme tagged ‘Loom Money Nigeria’.

Loom Money Nigeria is taking over social media by targeting young people to participate in a pyramid scheme.

But Acting Director General of the SEC, Ms. Mary Uduk during a press conference by the Minister of Finance in Abuja, Thursday warned Nigerians of the fraudulent activities of Loom promoters.

Uduk, who was represented by Acting Executive Commissioner, Operations of the SEC, Mr. Isyaku Tilde said the fraudsters carry out their illegitimate business activities via …