How to avoid being scammed by MMM style schemes

Maya Fischer-French, Personal Finance Journalist, gives us the lowdown on what's at the heart of the MMM pyramid scheme.

Fischer-French says the man at the centre of the MMM scheme, Russian Sergei Mavrodi, did this in Russia on a grand scale. She says they estimate it cost investors $10 billion. But, she says no one really knows, because no one admits to being involved.

He was arrested, convicted and served time. But, once he was out, he started all over again.

He's been around., reinvented himself, and lost people's money.

Maya Fischer-French, Personal Finance Journalist

It sounds all very safe and sweet, but if you go look at their website, with its promise of 30% return a month...those are red flags.

Maya Fischer-French, Personal Finance Journalist

She says she is only starting to unpack this whole scheme, but like all pyramid schemes, it is going to collapse.

she says the SA branch are making big efforts to say it has got nothing to do with what is going on with MMM internationally.

There is no organisation to go to really, these are not easy things to unwind and find out what is going on...it is important to spread the warning.

Maya Fischer-French, Personal Finance Journalist

There is going to need to be a lot more peeling away of the layers of this onion, but she says, it is undoubtedly one of the largest pyramid schemes created.


Read More
3 JSE shares you should consider buying right now (by JM Busha Investment Group)

3 JSE shares you should consider buying right now (by JM Busha Investment Group)

The Money Show’s Bruce Whitfield interviews JM Busha Investment Group Managing Director Joseph Busha.

EOH fell by 55% (while we were watching Steinhoff). Here’s why…

EOH fell by 55% (while we were watching Steinhoff). Here’s why…

What’s behind the stunning fall of the EOH share price? Bruce Whitfield interviews Traders Corner share trader Garth Mckenzie.

Lessons from the spectacular collapse of Steinhoff (e.g. diversity matters)

Lessons from the spectacular collapse of Steinhoff (e.g. diversity matters)

Bruce Whitfield interviews Gordon Institute of Business Science Dean (and marketing expert) Professor Nicola Kleyn.

How to use your anger and frustration (and exhaustion!) to profit in 2018

How to use your anger and frustration (and exhaustion!) to profit in 2018

Corporate and government corruption… It’s been a tough year. Bruce Whitfield talks to Aurik Business Accelerator’s Pavlo Phitidis.

Few retirement funds unaffected by Steinhoff implosion (i.e. you just got had)

Few retirement funds unaffected by Steinhoff implosion (i.e. you just got had)

Your money, and Steinhoff… Bruce Whitfield interviews Certified Financial Planner Peter Calitz.

‘There were clear warning signs at Steinhoff. All of which fund managers missed’

‘There were clear warning signs at Steinhoff. All of which fund managers missed’

The Money Show’s Bruce Whitfield interviews Sygnia Group CEO Magda Wierzycka.

Popular articles
South Africans Doing Great Things |  Nkosinathi Nkomo

South Africans Doing Great Things | Nkosinathi Nkomo

Wasanga speaks to Co-founder of AquaRenu, Nkosinathi Nkomo about turning a problem into an opportunity.

Dr Mbuyiseni Ndlozi opens up about his thesis

Dr Mbuyiseni Ndlozi opens up about his thesis

Ndlozi explains the significance of the the first chapter of his thesis: 'Trauma in the archives'.

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

German prosecutors probing Steinhoff CEO Markus Jooste (for accounting fraud)

The Money Show’s Bruce Whitfield interviews Steinhoff International Chairperson Christo Wiese.

Is it normal to have a curved penis? Dr Shingai explains

Is it normal to have a curved penis? Dr Shingai explains

Urologist Dr Shingai Mutambirwa says penile curvature is only a concern if it impedes a man's ability to have penetrative sex.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?