The Securities and Exchange Commission has warned Nigerians over the activities of online fraudsters currently running an online investment scheme, called ‘Loom Money Nigeria’.
The Acting Director-General of SEC, Mary Uduk, said Ponzi scheme investors are at risk.
Mrs. Uduk said the business had no tangible model, as a Ponzi scheme gains would be paid from other people’s invested funds.
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The platform has embarked on an aggressive online media campaign on Facebook and WhatsApp, luring young Nigerians to invest as low as N1,000 and N13,000 to gain as much as eight times that amount in 48 hours.
She urged Investors to learn from the experiences with MMM.
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