CBA Warning: Stay clear of pyramid investment

Armenia's Central Bank on Wednesday issued a statement urging people to refrain from participation in the MMM-2011 pyramid scheme operating in the country.

MMM-2011 (the three letters stand for “We Can Do a Lot” in Russia), founded by Sergei Mavrodi, uses the WebMoney online payment system to allow investors to buy tickets that work like shares, but have no real value. The project’s mastermind has promised investors returns of 20-30 percent per month.

"The Central Bank of Armenia (CBA) doesn't issue licenses for such activities. CBA warns citizens and organizations about the risks the financial scheme poses to losses of significant funds and properties," the statement said.  Read more... (226 words)

Armenian News