Beware of unregulated investments
Desperate investors are still trusting sophisticated investment fraudsters and losing their hard-earned savings to illegal unregulated investments.
Desperate investors are still trusting sophisticated investment fraudsters and losing their hard-earned savings to illegal unregulated investments.
Millions of cryptocurrency investors have been scammed out of massive sums of real money. In 2018, losses from cryptocurrency-related crimes amounted to $1.7bn.
MMM, the online Ponzi scheme that collapsed in South Africa and Nigeria in 2016, is attempting to reboot by offering a Bitcoin-based currency to all users around the world.
Mike McDougall, CEO of the Actuarial Society of South Africa, was motivated to do some number crunching to show in simple, yet no uncertain terms, why ponzi schemes are destined to fail.
South Africa’s biggest unsecured loan provider, Capitec, revealed that it closed 2 000 bank accounts linked to Ponzi scheme MMM.
Russian convict Sergey Mavrodi has allegedly gone into hiding after announcing that his Bitcoin-based MMM Global scheme had failed and was shutting down this weekend.
Last time Alec Hogg chatted with David Marchant, he totted up Belvedere-related losses to around R4bn, in his opinion just the tip of the iceberg.
Belvedere Buster David Marchant was vindicated by a lengthy affidavit and over 1 000 supporting documents from the Guernsey Financial Services Commission.