There are people who learn from others’ mistakes, there are those who learn from their own mistakes and then there are those who don’t learn at all. The same seems to hold true for a group of South Africans who are adamant about continuing their investment in MMM investment scheme.
According to latest reports, the alleged Ponzi scheme run by Sergey Mavrodi, a convicted Russian scammer still has a loyal following in the African nation. In spite of hearing the latest news about MMM shutting down its Republic of Bitcoin investment scheme where it had earlier promised 100 percent return on investment, these people continue to invest in the scheme. They are also convinced that MMM is not a Ponzi scheme and they are looking forward to receiving 30 percent returns on their investments.
The recent announcement sent out by MMM to all its investors in the Republic of Bitcoin investment scheme states that the company has decided to close it after finding it unrealistic to offer 100 percent returns on investment. Instead of returning the bitcoins or its equivalent in money to the investors, MMM has announced that all the accounts belonging to those who had signed up for the Republic of Bitcoin will be transferred to the regional MMM investment schemes and they will be receiving a return of 30 percent instead of earlier promised 100 percent. Also, the promised 30 percent will be allotted from the 10 percent of all the investment raised by these regional schemes in the coming days.
The investment scheme is currently under investigation by the National Consumer Commission and the results of this investigation, to be released soon will prove whether MMM is a Ponzi scheme or not. Until then the South African investors can continue to keep their hopes high, expecting to receive a huge payout after a year on their investments.