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Ponzi Scheme

MMM announces final shutdown following Sergey Mavrodi’s demise

The management of the global ponzi scheme, Mavrodi Mundial Moneybox (MMM), has announced a final shut down of operations.

MMM founder Sergei Mavrodi dies of heart attack

Sergei Mavrodi, a Russian businessman whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990s, has died of a heart attack, according to Russia media.

World Bank compares cryptocurrencies to Ponzi schemes

The World Bank warned and compared cryptocurrencies to “Ponzi schemes”.

Senate to clampdown on Bitcoin, ponzi scheme operators

The Senate of the Federal Republic of Nigeria has expressed great concern over the widespread usage of Bitcoin, a form of Cryptocurrency and other ponzi schemes across the country.

Fraudster sentenced to 13,275 years’ jail term for Ponzi scheme

Pudit Kittithradilok, 34, received the harsh punishment after he pleaded guilty to operating a Ponzi scheme in Thailand that earned his companies upwards of $160m.

MMM: Woman relocates after losing customers N4.5m

A woman simply identified as Ogochukwu has fled her residence after losing the sum of N4.5m belonging to her customers to defunct Ponzi scheme, MMM.

Senate vows to expose, sanction banks used for MMM

The Senate Committee on Information Communication Technology, ICT, and Cybercrime has vowed to expose and impose sanction on commercial banks used to perpetuate the fraud by the ponzi scheme – Mavro Mondial Movement, MMM, which collapsed last year, robbing investors of stupendous amount of money.

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