Stella Dimoko Korkus.com: SEC Warns Nigerians Against New Ponzi Scheme Called LOOM

Advertisement

Advertisement - Mobile In-Article

Friday, May 17, 2019

SEC Warns Nigerians Against New Ponzi Scheme Called LOOM

Another way of scamming Nigerians in large numbers has arrived!!!...Be warned.





The Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged “Loom Money Nigeria’’

Acting Director-General of the commission, Ms. Mary Uduk, gave the warning at a news conference on Thursday in Abuja.

A statement by SEC’s Head of Media, Mrs Efe Ebelo, said that Uduk, who was represented by acting Executive Commissioner, Operations of SEC, Mr. Isyaku Tilde, said Loom Money Nigeria had taken over the social media.


She said that the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi.

The director-general disclosed that the fraudsters carried out their illegitimate activities via social media platforms like Facebook and Whatsapp.

She added that they lured young Nigerians to invest as low as N1,000 and N13, 000 and to get as much as eight times the value of the investment in 48 hours.


Uduk said that the venture was a Ponzi scheme, where returns would be paid from other people invested funds, adding that it had no tangible business model.

“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria......The platform has embarked on an aggressive online media campaign on Facebook and Whatsapp.

They lure the investing public to participate by joining various Loom Whatsapp groups to invest as low as N1, 000 and N13, 000 and get as much as eight times the value of the investment in 48 hours.

“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp.

“If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts.


“We, therefore, wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum.

“Also, its operation is not registered by the Commission,” NAN quoted her as saying.

Uduk, therefore, advised the public to distance themselves from the scheme, adding that anyone that subscribed to the illegal activity did so at his own risk.


She assured that an inter-agency committee, Financial Services Regulation Coordinating Committee (FSRCC), was working on the issue, and that the commission was also collaborating with security agencies to track them down.
from dailypost

37 comments:

  1. Lol. They still won't hear.

    ReplyDelete
  2. My friend that sent me that nonsense on whatsapp, I warned her seriously!
    Nonsense and buhari

    ReplyDelete
    Replies
    1. 😂😂😂😭😩.. You're a phoool.. Hahahaha
      Wetin concern Buhari now? 🤦‍♀️

      Delete
  3. I'm surprised Nigerians didn't learn from mmm. Don't know if I'll call it stupidity, greed or poverty.

    ReplyDelete
    Replies
    1. Its poverty my dear

      Delete
    2. I think is poverty. may the almighty God deliver this nation, things are getting harder by the day. people are frustrated. news of people trying to take their own life

      Delete
    3. Stop substituting poverty for stupidity. If MMM didn't teach someone people sense, they will never have sense again in life.

      Delete
    4. who told u its poverty? its not poverty its gread. yes i said greed. just so u know my 13k is in that thing and the thing is paining me gan. one of my friend just sweet mouthed me and fiam i paid 13k. now the thing is not moving and i regret it. i for carry the money buy one pair of shoe sef e for better nonsense and buhari.

      Delete
  4. One person I hardly chat with called me for over 30mins yesterday to convince me to join.

    ReplyDelete
  5. May loom not lead you to Doom.

    ReplyDelete
  6. I remember when SEC warned Nigerians about MMM.
    Okuko nti ike na-anu ihe n'ime ite ofe.

    ReplyDelete
  7. Why are you warning them, they know exactly what they signed up for.

    How do you warn someone who almost got drowned in a swiMMMing pool but still decides to learn swimming lessons in an ocean. 🤷‍♀️

    ReplyDelete
    Replies
    1. I know someone that was paid off millions she used it for mmm and it crashed now she's living by the mercy of God . I do not pity people that fall for this ..... no i don't only a greedy person would fall prey .

      Delete
  8. Nigerians wont learn from MMM

    ReplyDelete
  9. And one of my friends had the guts to tell me to bring 13k to register under her. That the 13k would give me 104k. I told her even if it's 50kobo, I won't do. Nonsense.

    ReplyDelete
    Replies
    1. People have mind honestly, they really do .

      Delete
  10. M moku
    M mogbe
    M modaran

    They just finished singing the song of mmm👆 now they wanna sing the song of doom. Omabadt ganni.
    I will be here waiting for the wailers when the time comes. Ama compose another song for them to sing.

    ReplyDelete
  11. Hmm. Which one is this one again. I cover my money and my mind with the blood of Jesus. That's how mmm scammed me. I won't fall victim again o. Make una carry go

    If u think u will just quickly make money and leave before it goes sour, think again. Na for that your turn then fit zap.

    ReplyDelete
    Replies
    1. Lmao. Blood of Jesus will soon finish with the way you are using it.

      Delete
  12. Longer throat will kill most people. This is what buhari government brought. Everyone looking for means to beat poverty, hardship

    ReplyDelete
  13. I was tempted to do it,bt wen I remembered all wt I lost thru mmm,is nt worth it,cos d moment u start is nt easy to discontinue

    ReplyDelete
  14. Once you enter loom, get ready to get doomed! It's as simple as that!

    But Nigerians... will they ever learn?

    ReplyDelete
    Replies
    1. We would be here to read chronicles of people that greed drove to doom.

      Delete
  15. Loom is just another form of robbery without having to point a gun at you,they sweet talk yout & quickly tell you you gonna make your returns in two days & wont tell you how. Its rubbish, only greedy gullible people that will fall for it. Some fraudsters came up with the idea, the whole thing doesn't make any sense. Nigerians should know better now.

    ReplyDelete
    Replies
    1. choi if only u had told me this before now. me sha no dey hear word sef. choi see my planing on buying assorted alcohol with all the money i would have made.

      Delete
  16. This is another DOOM that is waiting to happen. It is even worst than MMM. People should treat anyone that is asking them to join loom as an enemy. Make una forget that cashing out slang, all na Wash.

    ReplyDelete
  17. A friend has been stressing my life to register under her. Sorry babe I'm not the greedy/stupid.

    ReplyDelete
    Replies
    1. Gbam @ greedy and stupid .

      This is the conclusion of the matter.

      Delete
  18. Hope Redeemed will not sell this one in their churches?

    ReplyDelete
    Replies
    1. Kai. Why will they. Everyone has learnt their lessons

      Delete
  19. I'm yet to make the stupid friends that will tell me to do any stupid Ponzi scheme.
    I've never finish investing in the money market and treasury bills + buying better stocks na Ponzi scheme I'll be eyeing? When I'm not under a curse? May foolishness, greed and ignorance not kill some Nigerians

    ReplyDelete
  20. Some people will still fall victim, they will never learn from mmm.

    ReplyDelete
  21. My brother did and have cashed out with close to 30k, he did the one of 2k and he registered me under him,I refuse to put 1naira not after making me lose 100k in mmm.

    ReplyDelete
  22. The moment I heard about this loom,I said "again" Days later one admin of a group I belonged to already added some members,one was loomed of her money ,she came ranting and left the group, I was just laughing because greed is always in some people's DNA

    ReplyDelete
  23. Fan Emmanuel i hope you haven't invest into this new money doubling.
    I go laugh you again o.

    ReplyDelete

Disclaimer: Comments And Opinions On Any Part Of This Website Are Opinions Of The Blog Commenters Or Anonymous Persons And They Do Not Represent The Opinion Of StellaDimokoKorkus.com

Pictures and culled stories posted on this site are given credit and if a story is yours but credited to the wrong source,Please contact Stelladimokokorkus.com and corrections will be made..

If you have a complaint or a story,Please Contact StellaDimokoKorkus.com Via

Sdimokokorkus@gmail.com
Mobile Phone +4915210724141