SEC: Tightening the noose on ‘Ponzi’ schemes

With an estimated three million Nigerians losing about N18 billion to the Mavrodi Mondial Moneybox (MMM) Ponzi scheme some years ago despite warnings by the regulatory authorities against investment in such dubious schemes, many Nigerians today are still patronizing the schemes in their desperate bid to make it big financially.A Ponzi scheme, which is also known as Ponzi game, is a fraudulent investment package through which the operator, who may be either an individual or organisation, pays returns to investors from new capital paid to the operators, rather than from profit earned through leg…

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HEDGE accordingly