Mavrodi responds to NCC’s MMM Global investigation
In late January we reported that a South African bank had frozen bank accounts tied to MMM Global.
The move came after authorities in South Africa announced they were investigating the scheme last September.
Recently the National Consumer Commission concluded their investigation, with all but one of the nine suspected pyramid schemes given the all-clear.
Findings pertaining to the remaining eight schemes have been forwarded to South African Police for further investigation. Pending enforcement actions by police, the NCC announced late last week they wouldn’t be publishing their findings.
One of the schemes investigated was MMM South Africa, the local South African chapter of MMM Global.
Under the ruse of an “inevitable financial apocalypse” being perpetually just around the corner, MMM Global operate a Ponzi scheme through BitCoin.
Heading up MMM Global is Sergey Mavrodi, who hours ago issued his formal response to the NCC investigation.
Rather than explain how MMM Global and MMM South Africa are not Ponzi schemes, Mavrodi (right) instead told investors “things are well” and “not to worry about anything”.
In general things are well in South Africa, everyone gets paid. And it’s the most important (thing).
Somehow inconceivable authorities’ actions that are going to discredit our System.
There are some negative articles appearing in mass media, so on and so forth (and) of course it makes (MMM Global) participants nervous.
Naturally it has to be addressed. In relation to it I would like to say the following:
Firstly, we have been inspected already beginning from September 2015, by the mentioned committee, which has been checking the legal aspect of MMM. That is about half year.
Till now there’s no any official document which would state that MMM violates the law. It means we don’t violate the law and therefore they can’t hold anything against us.
I have to point out here that the NCC are not an enforcement agency. Their findings have been forwarded to police, who are further investigating.
Furthermore, we are consulted by the best South African lawyers, they are ready to defend our interests before any committee and court.
However, by virtue of, as I already said, there’s no one document or official decision against us, accordingly the lawyers have no grounds to defend us.
Mavrodi doesn’t name who the lawyers are they’ve purportedly engaged in South Africa.
For all the talk of legal bravado however, Mavrodi later acknowledges that really, all it comes down to is this:
Whatever sequence of events we are beyond the jurisdiction of the authorities of South Africa. In other words our servers aren’t located in South Africa.
We have no legal bodies or centralized bank accounts, therefore there’s nothing that can be close down and what the authorities could undertake against us. It’s totally incomprehensible. I.e. it’s clear that they can do nothing, properly speaking.
So, participate without worrying and don’t be afraid of anything.
It’s pretty obvious Mavrodi has absolutely no plans to challenge police action against MMM Global, with talk of lawyers nothing more than Ponzi puffery.
Should South African police move against the scheme, Mavrodi will throw local participants under the bus and pretend nothing happened.
This is evidenced in Mavrodi’s recent MMM Global news update, also published a few hours ago.
In it, Mavrodi makes no reference to regulatory problems in South Africa or the late January collapse of the scheme in China.
Hello! Here is the news. It’s already common practice that we don’t have any extraordinary news recently.
The main news is that everyone gets paid. And we don’t need any other news. The System is evolving and growing in strength. And it’s the main thing.
Actually, some technical, i.e. merely working issues are constantly arising. Since I’m asked to note some aspects, indeed, we have at times a kind of technical problems, but it’s merely work process and to my mind there’s no need to pay any special attention to it.
In other words we solve them as they arise, on a routine basis. We are aware of them all: you shouldn’t think that if I don’t mention them, means – we don’t know about them.
In fact we do and resolve them as many as possible. So don’t worry about them. As for the rest, let me repeat that everything is excellent and marvelous and will be even better. Ok, see you next time.
Despite having investors from around the world, to date South Africa and China are the only countries to have investigated MMM Global.
Mavrodi, already convicted of running a Ponzi scheme in Russia, continues to operate the scheme from an unknown location.
Ponzi schemes always operate on “time lag”. Mavrodi simply left out the “eventually, assuming scheme runs forever” to his “everybody gets paid”.
Ponzi schemes depends on new referrals/members… MMM operates mostly through old members cos they understand the system of keeping the money flowing…
It cant run dry cos its an endless cycle between members only… Barter/batter trade system but in paper notes. Soon the world will join.
Right, and nobody is writhdrawing? Please.
That withdrawal money has to come from somewhere…
What kind of dumbass math did you learn in school? If you withdraw, you’re left with less funds. Keep withdrawing and you’re going to completely run out.
The only counter to that is newly invested funds, sourced from new recruits.
Right. Because you don’t need new recruits… /facepalm
Don’t knock it until you’ve tried it. This is exactly the same concept as any medical aid, insurance, investment scheme, pension, provident funds etc out there.
The difference is, you know who you are directly contributing to and your funds are available when you need it, not when someone else decides you can have it.
Register and try it, all you stand to lose is R150 (minimum contribution) if it doesn’t work out.
And the daily dumbass award goes to…
It all depend on the members, we dont have to be greedy to be able to make this platform work.
Dont put your money to stay long, dont withdraw exorbent amout and im telling you this will run for years.
The platform “working” sees every investor paid over what they invested stealing from subsequent investors.
The whole premise of a Ponzi scheme encapsulates greed at the expense of your fellow man (or woman).
No body is stealing someone’s money here, people do this knowing the risk so allow them to use their hard earned money to be able to take themselves out of poverty.
With the banks (Ozedit: Offtopic derail attempts removed)
So you risk losing what money you do have because you trust no bank. Yet a convicted criminal says its OK to steal from each other its just fine. All because he said so.
So while other lose money its just fine long as its not you. Call it what you want it wont be the right thing to do.
These schemes do much more damage than good. You may want to take a look at who you risk your money, reputation and intelligence. More times than not you wind up on the losing end.
No one have ever loose money, this so cold pyramid scheme is working.
Nope, people paid out their money with expectation to be paid back in LARGER amount (net gain). You’re just playing word weasel.
You have NO IDEA what the risks were, nor do you know what happened to the money, much less how the money was “used” to take “somebody” out of poverty.
You’re just repeating PR statement because you don’t know what else to say, even when what you say doesn’t make any sense. Your money will lead you out of poverty when it’s in YOUR pocket, not someone else’s.
Your nonsense, however, is rather amusing, in a *schedenfraude* type of way.
It is rather amusing that you trust the convicted criminal and fraudster Mavrodi more than your own government.
Maybe it is time to emigrate, or is that not possible BECAUSE you trusted Mavrodi?
Which government, you mean the guptas no they are not trustable bra sorry.
Actually this people are using their money, not Government funds. let them play their game.
whether they will end up been millionairs or poorer is up to them. The government must stay away and watch as they do so when people are inpoverished.
The government is too good to make people poorest of the poor. they want people to depend on them yet they fail to provide.
That’s not what I asked. But you not answering the question says a lot about your frame of mind too.
The point is you don’t have your money any more. Who you decide to blame is your business, but blaming the wrong party means you’ll never learn from this episode in your life.
May wisdom find you.
@Magg
Tell that to the victims of MMM Global who had their money stolen as the scheme collapsed.
That’s a funny way to describe a cash gifting Ponzi that guarantees the longer it runs the larger the number of victims it creates.
You’re obviously in profit, hence the attempt to rationalize your thieving of funds from subsequently recruited affiliates. For shame.
@Richard
Yeah, no. You don’t have the right to scam people under the false pretense of “playing a game”.
If every MMM Global affiliate was categorically told they were investing funds in a cash gifting scheme that mathematically guaranteed the majority of participants would lose money in), then you might have a point.
Well, except for cash gifting Ponzi schemes being illegal the world over (for obvious reasons).
Why is it Ponzi scammers always redefine their scams as something else before demanding the “gubmint” let them scam in peace?
MMM is real and they do pay, I don’t understand why you are asking questions like why is anyone not withdrawing?
Why should they, because they know they need to help others and obviously if they withdraw there won’t be enough money flowing and that means not everyone will be in and it might die.
Come on we are tired of (Ozedit: If you wish to discuss banks do it elsewhere.)
If South Africa cares they should just focus more (Ozedit: if you want to discuss the government of South Africa do it elsewhere.)
Thank you
Hope.
MMM Global collapsed.
MMM South Africa will collapse in the same fashion once newly invested funds runs dry.
You can’t beat math, that’s the long and the short of it.
An update on MMM RSA FB, courtesy of “Andrew Marc”, the go-to Russian admin.
The basics are (quotes):
And so on. Ponzi much?
If people here really care, they should join and provide help endlessly without GH and stop all this hypocritical brouhaha….Talk is cheap…