MMM Founder ‘Sergy Mavrodi’ Dies Of Heart Attack


MMM Founder ‘Sergy Mavrodi’ Dies Of Heart Attack

MMM Founder ‘Sergy Mavrodi’ Dies Of Heart Attack

MMM founder and Russian businessman Sergei Mavrodi, whose whose popular ponzi scheme deprived millions of Russians of their savings in the 1990s, has died of a heart attack, according to Russia media. The 62 years old man was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

SEE ALSO:  Singer MC Galaxy Claims He Invested 25million Naira In MMM

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.

SEE ALSO:  Father Catches 17 year old Daughter Pants Down With Her Cousin

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.

SEE ALSO:  British Doctors Develop Cure For Blindness

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

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.


DISCLAIMER
Gidirocks do not claim ownership of any of the Songs or Movies that we upload or post, and any copyright infringement complaints will be therefore executed immediately! It is our policy to honor all take-down requests! If You Feel Your Rights Are Being infringed Upon, Email Us At gidirocksng@gmail.com