MMM Global Scam
Major news sources like CNBC are reporting that the recent raise in the price of bitcoins is possibly being driven by people participating in a “Social Financial Network” called MMM Global. MMM Global is the creation of Sergey Mavrodi a fraudster that has been jailed for running a previous scam also called MMM. Let’s take a look at MMM Global and see what we find.
MMM Global Scam Claims
YES, IT IS POSSIBLE TO EARN 100% PER MONTH HERE, BUT THIS IS NOT A HYIP!
MMM is not a bank, MMM does not collect your MONEY, MMM is not an online business, HYIP, investment or MLM program. MMM is a community where people help each other.
This is the first sprout of something new in the modern soulless and ruthless world of greed and hard cash. The goal here is not the money.
Here is how this “Social Financial Network” is presented:
MMM Global Scam Reality
MMM Global is the creation of Sergey Mavrodi best known for running the MMM pyramid scheme in Russia. Mavrodi was charged with fraud in Russia in 1997 after the collapse MMM. Tens of thousands of Russians lost their money with this scam. A decade later he was found guilty of defrauding investors of $1.7m. He was sentenced to 4+ years, he had already been in jail for 4 years, so he got out in a month for time served. There were rumors that he would do it again, except he would TELL everybody that it’s a pyramid scheme (so they can’t get him on fraud). Those rumors have come true.
This is what Sergey Mavrodi says about MMM Global:
There are no guarantees and promises! Neither explicit nor implicit.
There are neither investments nor business! Participants help each other, sending each other money directly and without intermediaries. That’s all! There’s nothing more.
There are no securities transactions, no relationship with the professional participants of the securities market; you do not acquire any securities. (Do you need them? :-))
There are no rules. In principle! The only rule is no rules. At all! Even if you follow all of the instructions, you still may “lose”. “Win” might not be paid. Without any reasons or explanations.
And in general, you can lose all your money. Always remember about this and participate only with spare money. Or do not participate at all! Amen. :-))
Cash gifting schemes, can become popular very quickly, because early participants often receive their payout as promised. Those participants that receive their money then relay their success stories to prospective participants, and the cycle continues. The problem is that eventually the pool of new participants runs out, and the pyramid collapses, and very few participants actually receive any money.
Cash gifting is illegal and in some states you can get up to 7 years of jail time for running one of these scams.
Here is what the ATTORNEY GENERAL Of Michigan has to say about Cash Gifting.
All 50 states have laws against pyramid schemes.
Any money making opportunity that offers regular returns of 100% per month is a Ponzi scheme. Do not waste your time.
Here is how the MMM Global scam works:
- Register at the website.
- Enter your Personal Office.
- There will be two big buttons. “Provide help” and “Get help”.
- If you want to contribute money, click “Provide help” and specify the amount you want to put into the system. The minimum amount is $10.
- You immediately get MAVROs in your Personal Office and they start to increase by up to 100% per month. (MAVRO is the internal currency of the system) However, as soon as you get MAVROs you won’t be able to sell them until they are confirmed as you still haven’t transferred money but only created the request.
- Then you’ll get the order in your PO including all bank account details of the person you should transfer money to. The order also contains contact details of the person so you can get in touch with him or her to make sure that it’s a real person and participant as you. In MMM there is no central account where all participants’ money accumulates (and where it can be stolen). All transfers are carried out between the participants directly. It means that everything is quite clear and transparent. MMM plays the role of the operator that helps to establish the contact between the participants.
- Transfer money to the participant. He or she confirms the receipt and your MAVROs become “confirmed”. That’s it! Now you can sell them whenever you want, total amount or a part of it.
- If you want to sell your MAVROs click “Get help” and specify the amount. Another participant will receive the order and will send you the money (provide help). As you did earlier! Don’t forget to confirm the receipt of help as soon as the money is in your bank account (But no earlier! Be careful with frauds!). If you don’t do it the sender’s MAVROs won’t be confirmed.
The rate of growth for your account will be from 20% to 100% per month.
This sum is in Mavro (the internal currency of the system) and is how much money you can request to withdraw.
They have a program called MMM Extra. This program allows each participant to get 100% per month.
In the Personal Office you buy special Mavro (Mavro-Extra). After buying these Mavro, you have to go to the appropriate section in your Personal Office, which is called MMM Extra. On the Extra’s main page you will find the list of current web-tasks. In order to make your Mavro grow up to 100% per month you have to perform these tasks on a daily basis and your Mavro will grow on a daily basis as well.
Here is an example. Say, you have announced willingness to provide help in amount of $100. You will be credited in your PO with 100 Mavros. And they will immediately start to grow every day! But the rate of growth directly depends on your activity. If you perform tasks every day, you get 100% per month. It means, that in a month your initial 100 Mavros will turn into 200 Mavros. Accordingly, you will be able to request assistance for $200 at the current BITCOIN exchange rate.
Help can be requested at any time. But only after confirmation of your Mavros. What does “after confirmation” mean? It means only after your BITCOIN has transferred, when you really provide assistance to another participant. (But not just declare willingness. :-)) When an order for providing help comes to you in your Personal Office. If you do not complete it within 36 hours, you will be removed from the System!
You get 10% from all deposits of the participants you invite.
Guiders of the MMM Community can create their own multi-level structures and get a bonus from each donation of every participant in their structures. This is a multi-level bonus, thus a guider can have his own leader whose rank is higher. Guider’s bonus depends on his level in the Community.
For example, if you are Ronald’s guider, Ronald is Maricel’s guider and Maricel is Joseph’s, you will get 5% from Ronald’s donation, 3% from Maricel’s donation and 1% from Joseph’s. If someone will be under Joseph, you will get from him 0.5% and so on.
Guider’s bonuses are credited in the same way as referral, but only from new money deposited and will be available to withdraw after confirmation of your help provided.
Bonus For Testimonial Videos
5% of the sum of the help you received, if there is your face in the video, and 3% — if there isn’t.
Note: Unfortunately, nobody records the video without a bonus, so we have to pay. :-)). I guess this means it really is all about the money and not about mutual assistance.
Here is the owner of this scam talking all about the money:
“You have come to MMM to make money haven’t you?”
The minimum amount is $10.
MMM Global has no retail products for you to sell.
You can lose all your money.
MMM Global Scam Conclusion
In my opinion, MMM Global is a pathetic cash gifting/Ponzi scheme that is designed to take advantage of people. MMM Global is using your dislike of the banks to get you to participate in a cash gifting/Ponzi scheme. Don’t fall for yet another scam created by serial fraudster Sergey Mavrodi. When new suckers can’t be found this scam will fail taking your money with it.