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…]
MMM Global @ BehindMLM
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…]
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 [Continue reading…]
Back in September 2015 we reported on South Africa’s National Consumer Commission and Specialised Commercial Crimes Unit conducting an investigation into WorldVentures. Now, rumblings out of South Africa that the NCC have concluded their investigation – with an announcement expected early next week.
An investigation into MMM Global by the South African National Consumer Commission appears to be making progress, with news yesterday of investor’s bank accounts being frozen. MMM South Africa is the name of the MMM Global Ponzi scheme’s South African branch, with our review of the scheme noting that as of September 2015, it had [Continue reading…]