LOOM is DOOM: Why you should avoid another MMM disaster

Ponzi money making schemes are perfect examples of a bad investment that is even worse than gambling. Yet, even with the Nigerian SEC (Security Exchange Commission) warnings, most Nigerians have refused to stay away from it.

According to Wikipedia:

“A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors”

MMM - Mavrodi Mundial Money - was accepted throughout the country in mid 2016 as students and workers invested their money in it. By December 2016, MMM had crashed together with the hard earned money of many Nigerians.

So many Ponzi Schemes have come and gone after MMM. Due to the high rate of poverty bedeviling Nigerians, many are not ready to give it up.

Most especially with the mouth-watering ROI (Return on Investment) promised by these fraudulent schemes.

LOOM has finally broken away from other ponzi schemes and it is now trending among Nigerians who claim it is better than MMM.

MMM offered a 30% ROI for doing absolutely nothing than giving out your money to someone. A nice idea yet it remained unstable since it is absolutely fraudulent to get 30% ROI for nothing.

LOOM offers a whooping 800% Return on Investment on your money.

This means that if you start with N1000, the system will pay you N8000. You are required to refer you friends to join and pay before you get the money, However it not proper to get an 800% ROI overnight.

The main problem of a ponzi scheme like this is stablity. LOOM, no matter how good it looks can never withstand the test of time and more people will end up loosing their money.

The living condition in the country has given rise to fraudulent schemes like LOOM. The Nigerian SEC has advised citizens against this.

It is advisable to turn a deaf hear to LOOM marketers before they lure you into DOOM.