MMM began operations in South Africa in 2015, using the same business model as MMM-2011, claiming a “30% per month” return via a “social financial network.”
Which countries make use of MMM?
MMM Global (also known as M-2011 / -2012) is a Ponzi scheme launched in 2011 by Sergei Mavrodi, with subsidiaries in up to 110 countries; it became popular in several African countries, including South Africa, Nigeria, Zimbabwe, Kenya, and Ghana, with some attributing this popularity to poverty and poor.
Is MMM still alive and well?
Sergei Mavrodi, the founder of the MMM Pyramid scheme in Russia, has died. According to Russian media, Mavrodi died of a heart attack after his MMM pyramid scheme robbed millions of Russians of their savings in the 1990s.
What exactly is MMM in South Africa?
Cape Town, South Africa – MMM, the online Ponzi scheme that failed in South Africa and Nigeria in 2016, is attempting to relaunch its scheme by providing a Bitcoin-based currency to all users worldwide.
MMM lasted how long?
MMM became one of Russia’s most successful companies thanks to strong advertising and gullible people (no one had heard of scams at the time). The success, however, did not last long. The company was eventually shut down in 1994, and it declared bankruptcy in 1997.
