MMM 1-Month Withdrawal Ban is Utterly Unprofessional, Inconsiderate and Illegal

by Uche Onegeria 14 Dec , 2016  

Why am I writing about MMM today?
About 3 million  participants of the Nigerian MMM Ponzi scheme woke up to the crazy news that their MMM funds (when has this even become a thing) has been frozen without notice.

They cannot withdraw their money until January 13th 2017. This happened barely 24 hours after its founder, Sergey Mavrodi wrote to the Nigerian government to defend the legitimacy of its scheme.

My humble thoughts

My dear Nigerians, whether you are defending MMM or against it, this measure to freeze your funds is UNPROFESSIONAL, ILLEGAL and WICKED. If you defend this scheme, then let me help make it clear for you by freezing all your bank accounts with the claim that I am trying to save you from overspending at Christmas, prevent bank system overload and that I am working on making the system better. Will you accept this arrangement too? What utter garbage?!
Look, as a non-Nigerian resident, I have seen this MMM story trending for a while now but I had no idea what it is all about. I never discussed it because it made some people happy/hopeful and others wary/mistrusting (me!). However, I fail to understand why Nigerians just do not value themselves very much that they allow themselves to be cheated and used, while defending the cheating system. This is the same approach we use on our so-called men of God.
Why will you be in business with someone who will wake up 1 day and change the business arrangement, by refusing to pay you at a crucial hour (Christmas and New Year) without prior warning?

Is someone listening to me? Why do we allow people to use us and treat us in ways contrary to ours? This Nigerian system of not telling people prior to their trusting you then you pull the rug from under them is highly unjust and I condemn it.
 1. What if I deposited money in this MMM account and I have 2-…3 families coming to spend Christmas in my home? 
2. What if I have a parcel of land with a selling price so right, that I really want to buy it?
3. What if someone in my family gets sick, and needs emergency medical attention?
4. What if the money I  invested in this MMM was borrowed money from friends who I promised I would pay them back by Christmas?
Meanwhile, I want to see how people who have eagerly been waiting to celebrate Christmas and New Year festivities with their MMM earnings will cope when their funds are now frozen. Let us demand to be treated right and condemn anyone who promises us heaven but gives us hell instead.
2-faced MMM scheme | www.picturequotes.com

MMM Founder (Source: Wikipedia)

Sergey Panteleevich Mavrodi (born August 11, 1955) is a Russian criminal and a former deputy of the State Duma. He is the founder of the МММ series of pyramid schemes.

In 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

In 1989 he founded MMM.

He was then elected to the State Duma, thereby obtaining parliamentary immunity. Mavrodi declared MMM bankrupt on December 22, 1997, then disappeared, and was on the run until his arrest in 2003.

MMM History in Nigeria
NAN reports that Mavrodi Mundial Moneybox (MMM) Ponzi scheme website was launched in Nigeria in November 2015.
What the MMM team is saying about this “freeze”. They claim this was done:
1. to improve the system.
2. to help participants who would withdraw their money for the festive period to save better.
3. to prevent a breakdown of the system as it is a mutual aid community of individuals helping individuals.
Various warnings about MMM
The following financial agencies have warned Nigerians about the scheme
1. Central Bank of Nigeria (CBN)
2. The Security and Exchange Commission (SEC)
3. Economic analysts
4. Government agencies
5. South African Communist Party (SACP)
6. The Russian government

Disappointing Testimonials from Nigerians

Mr Gabriel Okafor told NAN that he has lost trust in the scheme and he would not put in any other money into it in January.
Recounting his loss, he said he actually participated with his spare money as it was clearly warned on the platform.

The Message MMM Members Received on Tuesday Morning, 13th December 2016

Dear members!

As usual, in the New Year season the System is experiencing heavy workload.
Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.

The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)

Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.

The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do.:-))

We hope for your understanding,

Administration

Source: NAN

I will be sipping my hot tea from here, and praying we all receive sense soon

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