Russian businessman Sergei Mavrodi, whose MMM
pyramid scheme deprived tens of millions of Russians of
their financial savings in the Nineteen Nineties, has died of a coronary heart attack,
in step with Russia media.
reports said the sixty two year turned into rushed to the
hospital overdue on March 25 with pain in his chest and
died several hours later.
Mavrodi’s MMM financial pyramid changed into an average
Ponzi scheme wherein earlier buyers acquire their
income from subsequent investors. Mavrodi promised
returns of 20 percentage to 75 percentage a month, as nicely
as lotteries and bonuses for investors. The pyramid collapsed, inflicting large
monetary losses for as a minimum 10 million human beings, in
a few cases leaving them in destitute.
In 1994, Mavrodi become elected as a lawmaker, a
decision he later stated changed into to make sure he acquired
immunity from prosecution. In 1996, he lost his
In 2007, a Moscow court discovered him responsible of
financial fraud and sentenced him to four half years in a
In 2011, Mavrodi released every other pyramid scheme
known as MMM-2011, calling on traders to purchase
so-known as Mavro foreign money devices in a bid to do away with
the “unfair” financial system. a few 15 months later,
Mavrodi halted the mission.
From 2011-sixteen, Mavrodi released Ponzi schemes
underneath the MMM logo in India, China, South Africa,
Zimbabwe, and Nigeria.
In lots of the ones countries, Mavrodi’s operations
have been finally close down or suspended