In the past month, ‘MMM’ has become quite common among Nigerians despite warnings from the Securities and Exchange Commission (SEC).
The Ponzi scheme is gaining new members daily and a Nigerian chose to explain how and why the scheme should not be invested in
1. Interest is too high and too good to be true
2. You don’t understand what they do with the money#NigerianPonzi— Ugodre (@ugodre) September 7, 2016
5.They don’t sign any legal binding agreement with you#NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
https://t.co/XZ8cdJF9ai don’t get a collateral or security for your investment#NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
7. It is not regulated or approved by SEC or any other body allowed by law to approve such a scheme#NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
8. They give you incentives/rewards to bring in more subscribers to the scheme.#NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
9. It relies on new incomers to sustain the scheme. When new incomers stop it dies. #NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
10. The owners hate criticisms and defend it till the scheme crumbles.#NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
11. It fetes on people’s greed and thirst for quick money#NigerianPonzi
— Ugodre (@ugodre) September 7, 2016
