Nana Appiah Mensah aka NAM1 has just ended his press conference where he answered a couple of important questions that are on the lips of everyone since the Menzgold brouhaha set in.
Reacting to whether Menzgold is a Ponzi Scheme, the business mogul stated categorically that his company is never a ponzi scheme but a profit making business enterprise which suits both artistes, the customers and the operators.
He said they dealt in Collectible gold which they trade on behalf of the customers and make money as profit or benefits. He said people with no knowledge on how they operated threw dust into the public eyes by coming up with that term; ponzi scheme.
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors’ funds to pay the earlier backers.Jun 25, 2019.
His speech and the way he answered the questions from the various journalists was highly impressive and we’ll bring you more stories from what we observed from the press conference.