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.
3. They don’t sign any legal binding agreement with you.
4. You don’t get a collateral or security for your investment.
5. It is not regulated or approved by SEC or any other body allowed by law to approve such a scheme.
6. They give you incentives/rewards to bring in more subscribers to the scheme.
7. It relies on new incomers to sustain the scheme. When new incomers stop, it dies.
8. The owners hate criticisms and defend it till the scheme crumbles.
9. It fetes on people’s greed and thirst for quick money.