Participants in the Madoff investment scandal group of hedge funds owned by Massachusetts Mutual Life Insurance Co, as well as, its parent companies in December 2010, seeking more than $2 billion and alleging that company executives ignored "obvious warning signs" that Madoff was running a fraud. Picard alleged that Tremont failed to do any meaningful review of Madoff's operations or purported investment results, blindly allowing Rye to turn over half its $6 billion in client assets to Madoff and losing half that money when the scheme finally collapsed. The payment of $1 billion to the Madoff truste, provided by Massachusetts Mutual Life as a loan to
MMM Global urban areas of Zimbabwe. The Reserve Bank of Zimbabwe warned its citizens to stay clear of the program as it could be a fraudulent scheme. The scheme began in China in 2015 and collapsed in early 2016. In January 2016, the Chinese government banned MMM on the grounds that it was a pyramid scheme and was not registered in the country (since a fraudulent scheme cannot be registered). In November 2016, MMM was launched in Ghana. In October 2016, it was reported that MMM entered Kenya and opened a local subsidiary. MMM Kenya offers similar terms to participants as in