World's Most Insane Ponzi Scheme Is Still Operating Today

In this video we go over the MMM Ponzi scheme which is one of the world's longest running scams that is still operating today.

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[delraydad]

Wait. Nigeria got scammed? You mean all those Princess ad generals lost their money? No wonder they're still emailing me for help.

[AK-K]

I remember as a child in Moscow seeing these MMM ads on TV every 5 minutes. Lots of people fell for it, because the population was not financially savvy at all - the concept of investments didnt really exist. I am absolutely stunned that the scam is still going to this day.

[moofymoo]

I'm proud that my parents, without any financial education, went to one "seminar" of MMM, came back home and told "that was ****, we are not investing in it". sadly some family friends went full zealot mode and invested all they can afford and some more.

[Brainiac]

South Africa falls for MMM every 10 years like clockwork 😂😂😂

[funmilayotijani]

MMM Nigeria deserves a Netflix documentary

I can't tell you how many people I know between 2013 and 2017 that lost money to MMM in Lagos alone

University students used their school fees for MMM, adults put their salary in it, even business outfits put their profit

It was crazy. I remember the crash then, it happened in a December. Anyone who knows Nigeria knows that the December period is a time when people withdraw and spend money.

Due to the massive withdrawal request then, it was inevitable that the scheme would crash. That period was brutal.

Unfortunately Nigerians have not learnt, if anything the success (failure?) of MMM has led to a rash of similar ponzi schemes.

At least 6 have crashed in 2021 alone taking billions with it

[Shurukkah.]

God, I remember my grandma was victim of this scheme back in 90s and we barely talked her out of investing into its second run

[ZmiiGorinich]

People in Russia back then generally trusted the big media, like the main TV channels and the newspapers, at least about the internal matters. MMM in 94 literally occupied all the media with their aggressive ads. The gov did not care to impose any kind of control until it went too far, it was just a pure wild ad market. It is extremely hard to distrust such a wave of propaganda in the media, along with huge number of people already involved around you. Luckily I just did not have any money to "invest" that time :).

[bogdanlevi]

In my school in Russia, they taught us about MMM in both history and financial ed classes as a cautionary tale and to explain how ponzi schemes work.

The thing was huge to the point where you can have a conversation like:
- What's a ponzi scheme?
- It's a scam where you get paid with the money the next succer brings in. Until the whole thing collapses. Basically, like what MMM did back in the day.
- Ah, MMM. Ok, I get it.

[mondemdlulifx]

My neighbour invested all of her pension in this, she lost it all, now depending on old age grants from the government...

[RusAres]

I'm from Russia. And I still remember those MMM commercials from the 90s. Thankfully my parents weren't dumb to "invest" in it.

[WesBergen]

Financial illiteracy, greed and FOMO will always produce new suckers.

[mthobisimhlungu]

Im from South Africa and I know people who made money from it in its early days and people who lost money from it .However in S.A the banks caught on to the scam and wouldnt accept any MMM transactions. People would've lost way more if it carried on.

[marshonmellows]

I thought this was going to be about social security 🤣🤣

[mimusic]

Oh my what a surprise they got church leaders involved : o

[adamn]

Poverty desperation and hope! That’s why people fall for it.

[W.th]

"A person is smart. People [even when fully informed] are dumb..."
- Agent Kay (MIB, 1997)

[lombardo]

OMG! I can’t even catch up to the amount of videos our boy is publishing daily. He is the Fed chairman Powell of YouTube. YouTube go

[nadeemchaudhry]

Sad, when people actively target the poor and uneducated.
This is why it's important to have financial education for all.

[wildspeaker]

I think they fall for it because of one of 2 words: "Greed" or "Desperation". I feel sorry for the desperation victims, but not at all for the greedy ones that just think they can get out in time.

[Hey__andre]

They caused havoc in Nigeria and eventually got kicked out.