MMM Global @ BehindMLM

Nigeria has a Securities and Exchange Commission? Who knew? Following the collapse of MMM Global, local chapters of the Ponzi scheme have been sweeping across Africa. The South African and Zimbabwean chapters have already collapsed, however Nigeria is still chugging along. In an effort to combat an “aggressive online media campaign” promoting the scam, the [Continue reading…]

Econet Wireless is the largest mobile network operator, second largest company by market capitalisation, and one of the largest employers in Zimbabwe. For local MMM Global investors EcoCash, Econet’s payment processor platform, is ‘the primary way for people to deposit into‘ the Ponzi scheme. While that itself isn’t significant (plenty of legitimate payment processors unknowingly get caught up [Continue reading…]

Such is the pulling power of Ponzi schemes in Africa at the moment that even after MMM Global collapsed, local chapters of the scheme in some countries continue to lure victims in. One of those countries is Zimbabwe, where regulators have admitted they are powerless to stop the scam.

MMM Asia is an offshoot of the MMM Global Ponzi scheme. Like MMM Global, MMM Asia promises investors 100% a month ROI on bitcoin investments. Through a centrally-managed cash gifting scheme, MMM Asia tracks newly invested funds which are used to pay off existing investors. MMM Global ran out of newly invested funds and collapsed earlier [Continue reading…]

Earlier this year BehindMLM reported on the closure of bank accounts identified with MMM Global investor activity. Now, in an interview with South African media, details of the scope of the freeze have emerged. Speaking with Fin24, Capitec Bank CEO Gerrie Fourie revealed the bank froze over 2000 accounts.

Well, that didn’t take long. Just shy of a month after MMM Global collapsed, the local South African chapter has gone under. As at the time of publication invested funds, along with withdrawal requests, have been “frozen”. Not surprisingly, the reason for the freeze is a lack of new investment into the scheme.

Whenever you see Russia as the top source of traffic to a questionable MLM opportunity, it’s usually a safe bet it’s a scam. That might sound harsh, but Russia isn’t really known for Ponzi regulation – and for years the country has been a hotbed for online scams. Looking to change that, Russian parliament recently [Continue reading…]

The financial apocalypse is upon us, MMM Global has collapsed. BehindMLM called it yesterday, the only reason a Ponzi scheme stops paying out is if there are banking issues or they run out of money. MMM Global’s use of BitCoin rules out the former, so with investors not paid out for over a month the writing was [Continue reading…]

A Ponzi scheme will only stop paying investors on one of two conditions: investor funds run out or banking problems prevent the transfer of money within he scheme On their website, MMM global proclaim: There is no сentral account, where all the System money flows to (and where it can be easily stolen from :-)). All [Continue reading…]

There is no information on the MMM Team Red Dragon website indicating who owns or runs the business. The MMM Team Red Dragon website domain (“teamreddragon.info”) was registered on October 24th 2012, however the domain registration is set to private. On their website, MMM Team Red Dragon claim to be the only independent structure, appreciated [Continue reading…]