Tag: Ponzi Scheme
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SEC reveals latest Ponzi scheme in town, warns Nigerians against investing
The Securities and Exchange
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BREAKING: EFCC nabs Lagos ponzi scheme operator in Sokoto
The Economic and Financial Crimes Commission (EFCC) says it has arrested a Lagos State based ponzi scheme operator identified as Omotade-Sparks Amos Sewanu. According to the EFCC, the suspect, who operated the Inks Nation Ponzi Scheme, was arrested in Sokoto State by the zonal office of the Commission in the State. “The suspect who had…
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Hollywood actor, Zach Avery, detained for alleged Ponzi scheme
American actor Zach Avery was detained by FBI agents in Los Angeles on Tuesday for allegedly masterminding a Ponzi scheme that swindled investors of hundreds of millions of dollars, US authorities said. Avery, whose real name is Zachary Horwitz, told investors his company 1inMM Capital would buy film distribution rights and license them to Netflix…
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Investors in Oko Oloyun’s Ponzi scheme storm office to demand money after death
Tens of Lagosians stormed the LASU Road office of late Alhaji Fatai Yusuf, popularly known as Oko Oloyun, to demand the money they invested in his Ponzi scheme. Oko Oloyun, a popular Lagos-based trado-medical expert, was murdered on Thursday around 4:30pm on the road while travelling to Iseyin, Oyo State. He was reportedly attacked by…
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MMM is gone, another Ponzi scheme’ll pick up soon in time
The Ponzi scheme, MMM might be dead and buried, but market watchers have predicted another might spring up soon in time, and warned Nigerians must beware not to fall victim. Mrs. Nimi Akinkugbe, 23-years experienced banker, speaking on “Personal Wealth Management” at The Platform on May Day urged Nigerians need to make good decisions on…
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Comedians made people laugh during MMM saga- Helen Paul
Nigerian comedienne, Helen Paul has stated that Comedy is not just a business , It’s a ministry. She says it’s a ministry that brings people joy and happiness. Paul alluded to the fact that comedians made people laugh when Nigerians lost money to MMM Ponzi scheme. The versatile comedian made this known in an interview…
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UNIOSUN to expel over 4,000 students for ‘investing’ school fees in Ponzi scheme
Indications emerge that the management of the University of Osun, UNIOSUN, may be making moves to expel over 4,000 students of the university for allegedly using their school fees to “invest” in popular Ponzi scheme, Mavrodi Mondial Moneybox, MMM. This was revealed in a statement issued by the acting registrar of the institution, Gafar Shitu.…
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FG shuts down Ponzi scheme in Abuja, arrests promoters
In a swift reaction to stop the influx of Ponzi scheme promoters into the country, the Federal Government through the Securities and Exchange Commission (SEC), has sealed up the premises of Yuan Dong (YDEC) Ponzi scheme over illegal investment operations. This was revealed by the Head, Corporate Communications of the Commission, Mr Naif Abdussalam, in…
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I didn’t invest $5m in Ponzi Scheme, my church did – Ashimolowo
The Senior Pastor of Kingsway International Christian Centre (KICC), has said former trustees of his church and not him invested $5m in a ponzi scheme Ashimolowo made this known in a statement signed on his behalf by his Chief Executive Officer, Dipo Oluyomi and Chief Operating Officer, James McGlashan. The statement also confirmed that the…
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Scam Alert: Pastor Ashimolowo’s KICC loses $5m to Ponzi scheme
The Senior Pastor of Kingsway International Christian Centre, KICC, London, Pastor Matthew Ashimolowo has reportedly lost about $5m to a Ponzi scheme in the United Kingdom. According to a report by the News Agency of Nigeria (NAN) Ashimolowo’s 12,000-member mega church in Britain lost the huge amount of money after the worship house’s trustees carelessly…