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The Securities and Exchange Commission (SEC) has cautioned investors against patronizing illegal operators currently running an online investment scheme tagged ‘MMM Federal Republic of Nigeria’.
According to SEC, the fraudsters carry out their illegitimate business via Nigeria.mmm.netportal/platform, and are promising investors a monthly investment return of 30 per cent.
SEC explained that the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds. In a message on its website, SEC said: “The attention of SEC, Nigeria has been drawn to the activities of an online investment scheme tagged ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)”.
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