MMM Global Ponzi Scheme Update: 2000 Global Bank Accounts Frozen

Earlier this year BehindMLM reported on the closure of bank accounts identified with MMM Global investor activity. Now, in an interview with South African media, details of the scope of the freeze have emerged. Speaking with Fin24, Capitec Bank CEO Gerrie Fourie revealed the bank froze over 2000 accounts. “The Ponzi scheme MMM had a big impact on [Continue reading…] Source: Over 2000 MMM Global bank accounts frozen in SA

Speaking with Fin24, Capitec Bank CEO Gerrie Fourie revealed the bank froze over 2000 accounts.

“The Ponzi scheme MMM had a big impact on us,” he said.

Fourie said that after becoming aware of the scheme, the bank monitored the MMM transactions, before freezing the accounts early in 2016. “We actually closed over 2 000 accounts that (were) involved in the scheme,” he said.

“Some of the clients became extremely violent and we had to bring in security guards.”

Despite Capitec reporting MMM Global to authorities for suspected Ponzi fraud almost 6 months ago, South Africa’s regulators have yet to intervene.

Fourie criticised the South African Reserve Bank (Sarb) for not acting faster, after it informed them earlier this year about MMM.

“It is important for the regulators, when we inform them of certain things, that they react much quicker, to make certain that people are protected,” he said.

“We reported MMM and it took four or five months before we got an answer,” he said. “We would like to see (Sarb and banks) working together to make certain we protect our clients.”

Read the full article and join in the discussion over at BehindMLM.