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ARTICLES RELATING TO PONZI SCHEME

More MMM victims come forward as losses run into millions

2017-07-20 14:23

Stories shared by numerous Fin24 users tell a tale of loss, regret and disillusionment, with victims losing anything from R500 to a combined toll of R1.3m from a single family group.

MMM victim: I lost R35 000 after system 'froze'

2017-07-12 14:06

A Fin24 user, who wishes to remain anonymous, lost R35 000 between herself and her fiancé from the Ponzi scheme MMM after the account "froze" in April 2016.

Possible Ponzi scheme link in horror Kraaifontein shooting

2017-01-18 15:20

A Kraaifontein mother may have killed her eldest son and herself after losing all her money in an investment scheme that the Hawks are investigating.

WARNING: MMM makes comeback with new currency

2017-01-10 16:02

MMM, the Ponzi scheme that collapsed in SA and Nigeria in 2016, is attempting to reboot its scheme by offering a Bitcoin-based currency to all users around the world.

Sarb warns South Africans of scams

2016-09-06 20:13

The Sarb's new campaign "Easy come. Easy go.' seeks to fight illegal deposit-taking schemes and advance-fee schemes.

What SA's top 5 banks say about MMM

2016-06-10 07:30

As more and more MMM users complain about not being able to get cash from other users, SA’s top five banks respond to a query about the scheme's banking activity.

EXCLUSIVE: Capitec has closed 2 000 MMM bank accounts

2016-05-30 14:55

WATCH: Capitec CEO Gerrie Fourie says banks and regulators should work together to protect their clients from Ponzi and pyramid schemes.

MMM resets system causing panic among members

2016-05-03 13:37

MMM SA members stand to lose thousands of rands after their accounts were frozen and the mavros points system reset due to a lack of money entering the alleged pyramid scheme.

News24 demands MMM website remove fake apology

2016-04-22 07:18

News24 has ordered a website linked to alleged pyramid scheme MMM to remove a fake apology that seeks forgiveness for publishing stories about the Russian-created scheme.

MMM adviser: People can lose money from scheme - WATCH

2016-04-20 13:36

MMM members in it to make their fortune have joined with the “wrong motives” and could quite easily lose out, says a business consultant linked the scheme.

 

MMM: I lost R90 000 instead of becoming a millionaire in 6 months

2017-07-14 12:46

Disgruntled former members of pyramid scheme MMM have reported mounting losses to Fin24, with the current tally at R649 000 and set to rise.

SARB took on 27 scams in 2016 - report

2017-05-26 11:53

The South African Reserve Bank investigated 27 money scams in 2016 and resolved 63 probes from previous years, according to the Bank Supervision Department's Annual Report.

Video
The Ponzi Pastor: Who is Colin Davids?

Cape Town pastor Colin Davids, accused of being behind a Ponzi scheme, appeared in the Bellville Magistrate's Court on Wednesday after being granted R100 000 bail last June. Watch.

0 comments6113 Views

How to spot dodgy money schemes

2016-09-16 06:00

The South African Banking Risk Information Centre highlights ways one can spot a money scheme.

Another Belvedere victim: Invested in Kijani, cheated out of life’s savings

2016-07-25 06:49

A Biznews community member's desperate plea illustrates a very important lesson: when dealing with investment advisors, be very careful.

MMM: Capitec will unlock accounts if clients prove legit activity

2016-05-31 13:02

Capitec Bank says the onus is on clients to prove their banking activity is not fraudulent, after which it will unlock closed accounts.

Mathematical proof Ponzi, pyramid schemes will fail

2016-05-30 13:29

Faced with empty wallets and rising costs, South Africans are placing their faith in “get rich quick” schemes that lure desperate consumers with promises of unrealistic returns.

MMM: Media and banks trying to help consumers - Asisa

2016-04-28 10:12

Many MMM investors believe banks are out to get them, but the truth is that the industry genuinely wants to protect them from products that will wipe out their savings, says Asisa.

MMM website issues fake News24 ‘apology’

2016-04-21 17:33

In an attempt to discredit the media and the SA government, a website appearing to be of MMM SA has published a fake apology from News24 for “blackmailing” the scheme.

MMM is luring stokvel members – CEO

2016-04-18 15:09

Stokvel members are being targeted to join the alleged pyramid scheme MMM, says Andile Mazwai, CEO of the National Stokvel Association of SA.

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