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27th November 2022
WORLD NEWS

PHOTO: MMM Founder Sergei Mavrodi Is Dead

The report reaching us now suggest that the founder of popular money doubling Ponzi scheme, MMM Mr Sergei Mavrodi has died of an heart attack in Moscow, Russia. The man who made billions since late 90s, across Russia, Europe and Africa, was said to have been rushed to hospital after he complained of a chest pain, wherer he was later declared dead by Doctors in the early hours of Sunday and was aged 62.

According to Russia media report, Radio FreeEurope/RadioLiberty, Mr Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. Mavrodi promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.

As soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.

In 1994, Mavrodi was elected as a lawmaker, a decision he later said was to ensure he received immunity from prosecution. In 1996, he lost his parliamentary mandate.

In 2007, a Moscow court found him guilty of financial fraud and sentenced him to 4 1/2 years in a penal colony.

In 2011, Mavrodi launched another pyramid scheme called MMM-2011, calling on investors to purchase so-called Mavro currency units in a bid to get rid of the “unfair” financial system. Some 15 months later, Mavrodi halted the project.

From 2011-16, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria. In many of those countries, Mavrodi’s operations were subsequently shut down or suspended.

Image source: google image

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