This will be my Concluding verdict on MMM and it's Ponzi Scheme. MMM has caused more harm in Nigeria owing to it's unexpected shutdown. I will just dive into the main reason one should not take part in this Ponzi scheme. Read More on ponzi schemes here or here
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- MMM Has No Physical Location: Why do we trust banks so much to the extent we keep our savings and treasuries in the bank safes? Banks obviously have a physical Location. So for an unsafe scheme like this. DO NOT participate in them. Mainly for your own safety, not actually physical safety but your money safety. Also Read This:Groom-To-Be Attempts Suicide Over MMM Crash . MMM will surely pay you cool cash but can cost you something in return, if only this groom to be saw it coming.
- MMM Has A Bad Name: Many people do not take this serious. MMM has been in many countries and has caused serious havoc in those countries.Countries i can tell of, Zimbabwe and Russia. In Russia MMM cause the lost of 10 billion dollars from over 30million people. Read also:MMM Russia
- MMM Is Deceit: The members of MMM just do not want to believe this. MMM is a deceitful scheme, whereby you pay in some money and at the other end someone pays in also, then you are paid 30% from the payment other person made. It continues to circulate until it results to this current situation of MMM claiming to have a system failure, but that is the cover up. Read Also:Shocking Reason Why MMM Nigeria Was Frozen.
- MMM Lied to You:MMM lied when they said "we are helping others with the money you donate". Please please and please, everybody wants to make money and some people would go any extent to get money quick. One of the skills MMM played is telling people they are helping others somewhere else. If MMM was like a foundation scheme then it should be shutdown because in Nigeria people are suffering setbacks millions of people lost huge money. So where is the Helping people MMM promised.
- MMM Is Not Worth The Risk:You are given only but 30% of your donation. Let's say you joined the scheme as a newbie. Then you tried it out with N10,000. you wait for some weeks then you are given N13000. Funny not much gain, After the first 30% you will want to get more. So you now break a record in your bank account and donate N300,000 to MMM leaving maybe N5000 in your account. IF it works out for you get 650000 back. But when something like a sudden shutdown of MMM occurs, you will be left with no option but suicide. The worst scenario is when the money you doanted was borrowed: Read up:Groom-To-Be Attempts Suicide Over MMM Crash.
- MMM Is For The Greedy And Lazy: Human Research has it the participant of Ponzi Schemes are either Greedy and Lazy or Frustrated. So looking at it, the participants in Nigeria were frustrated by the Present Nigerian economy. So MMM decided to cash on it and fraud many instead of helping them. Now they have left their loyal subscribers. This idea was a success because of the money first ideology in Nigeria.
- MMM Has a Bad History: Initially, the company (MMM)imported computers and office equipment. In January 1992, tax police accused MMM of tax evasion, leading to the collapse of MMM-bank, and causing the company to have difficulty obtaining financing to support its operations. Faced with difficulties in funding its foreign trade, the company switched to the financial sector. It offered American stocks to Russian investors, but met with little success. Later, MMM-Invest was created for the purpose of collecting vouchers during privatization. This effort was similarly unsuccessful
So at the onset in russia MMM was a like bank but faced challenges then switched to a ponzi scheme in 1994 promising investors thousands of percent in return read more here. Now MMM has reached 4 contries namely: South Africa, Nigeria, Zimbabwe and China spreading its greedy scheme and leaving many frustrated
This Post was written not to judge anyone but to enlighten MMM participants, hence avoiding making any further mistakes Ahead.
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