MMM Global Scam Up Date: South African chapter collapses

May 4, 2016 Facebook Twitter LinkedIn Google+ MLM & Affiliate Marketing News

South African MMM Global chapter collapses Scam Alert

South African MMM Global chapter collapses

Posted: 03 May 2016 04:32 PM PDT

Well, that didn’t take long. Just shy of a month after MMM Global collapsed, the local South African chapter has gone under. As at the time of publication invested funds, along with withdrawal requests, have been “frozen”. Not surprisingly, the reason for the freeze is a lack of new investment into the scheme. The South [Continue reading…] Source: South African MMM Global chapter collapses
The South African arm of MMM Global Republic of Bitcoin has frozen its members’ money – but is urging them to deposit new funds and recruit more members to “restart” the system.
Posts on the organisation’s Facebook page blame media attention in the scheme that caused fewer people to join up or contribute to it, creating an “imbalance” that made it impossible to pay members out.
According to information from the Facebook page, new deposits will be frozen for 14 days, after which members will be able to request withdrawals from the system.

MMM members have voiced their concern on social media, with one claiming he is set to lose R30 000.

Facebook user BM Abinet said the last time he checked he had 35 798 mavros (which is equivalent to the rand currency), “but now the system says my old mavros is 5 798, so where’s my R30 000?”

wants the court to declare that the MMM format is legitimate and does not have the characteristics of a Ponzi, pyramid, multiplication or chain-letter scheme.

Read the full article and join in the discussion over at BehindMLM.

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