The
attention of the Securities and Exchange Commission, Nigeria (“SEC”)
has been drawn to the activities of an online investment scheme tagged
‘MMM Federal Republic of Nigeria (nigeria.mmm.net).
The
platform has embarked on an aggressive online media campaign to lure
the investing public to participate in what it called “mutual aid
financial network” with a monthly investment return of 30%
The
Commission hereby notifies the investing public that the operation of
this investment scheme has no tangible business model hence it’s a PONZI
SCHEME where returns are paid from other people’s invested sum. Also,
its operation is not registered by the Commission.
The
general public is hereby advised to distance themselves from this
online scheme. Please note that anyone that subscribe to this illegal
activity does so at his/her own risk.
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Source:ProhareNG
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