world-ventures-logoBack 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.

In an unverified report, Cape Town Lately are reporting that not only have the NCC concluded their investigation – but that World Ventures will be declared a pyramid scheme next week.

Cape Town Lately has it on good authority that WorldVentures will be identified as an illegal pyramid scheme in South Africa by the National Consumer Commission next week.

It is believed that the investigation has identified clear distinctions between Multi-level Marketing (MLM) companies and pyramid schemes.

Cape Town Lately has it on good authority that WorldVentures is one of the alleged companies that falls foul when it comes to South African law.

For those unfamiliar with the opportunity, WorldVentures is a long-running recruitment scheme that operates in the travel MLM niche.

I poked around and tried to idependently verify Cape Town Lately’s claims. I didn’t have much success initially and was going to leave this article unpublished, but then I ran into verification that the NCC’s investigation had indeed concluded.

The National Consumer Commission (NCC) has concluded a preliminary investigation into nine suspected pyramid schemes.

The commission’s Trevor Hattingh says they will release a report following the organisation’s investigation into nine suspected pyramid schemes, on Monday.

Several businesses, including world ventures, Kipi, NMT Investments and the MMM Scheme have been probed after the Reserve Bank raised concerns about suspicious account activities.

Hattingh says now that they have completed their investigation, the police will take over.

Looks like we’re definitely getting an announcement Monday South African time, but whether or not WorldVentures itself will be declared a pyramid scheme is still up in the air.

Of note is “the MMM scheme”, which I believe is a reference to Sergey Mavrodi’s MMM Global Ponzi scheme.

Earlier this week a South African bank froze the accounts of several MMM South Africa investors.

Trever Hattingh’s mention of “police taking over” suggests that at least one of the companies investigated will face a criminal investigation.

We’ll be closely watching this story for further developments early next week, stay tuned…


Update 6th February 2016 – Citing a need to preserve the integrity of ongoing police investigations, the NCC today announced they will not be publishing the findings of their investigations.