Pyramid schemes are nothing new. For example, in the 1920s, Charles Ponzi promised investors high returns on postal reply coupons, using the money from new investors to pay returns to earlier ...
Good Life Sacco, under the management of Obadiah Macharia, went under last year in August 2015, leaving over 10,000 of its members in limbo after it failed to refund their money.PHOTO: COURTESY ...
a pyramid scheme in the hands of a fraudster. Fans of the old horror movie Poltergeist 2 remember the classic line "They're back" and so it is with the classic Secret Sister scam which returns each ...
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How Nigerians Lost ₦316 Billion to Ponzi Schemes — Meet the Biggest Culprits According to SEC
If you stand in the middle of the every-busy Lagos Island market and scream, “double your money in 10 days,” at least 100 people will turn to look. You can blame the economy, desperation, or our ...
Knowing what to look for allows you to avoid joining a pyramid scheme.
The SEC reveals how Nigerians were swindled out of ₦316 billion by Ponzi schemes, and names the major players behind the country’s most damaging scams. If you stand in the middle of the every-busy ...
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