MMM Founder Is Dead

By Editor on 27/03/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 513


Russian businessman, Sergei Mavrodi, whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990s, has died of a heart attack, according to Russia media.
 
Reports said the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.
 
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 per cent to 75 per cent 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 to 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.

Posted 27/03/2018 04:19:30 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Herdsmen unleash terror in Taraba, kill 8, injure...

PDP clears Enugu Council Polls

Herdsmen set Falae’s farm on fire

Fuel crisis worsens as oil workers threaten indefinite...

Enugu govt approves N2.5bn for construction, renovation of...

2019: FG plans to frame me, give me...

Why I had sex with my 21-year-old daughter,...

Melaye, 3 others charged with illegal possession of...

Buhari embarks on four-day medical trip to UK...

Contempt: Court jails Uwazuruike one month

Armed smugglers ambush, butcher Customs official in Ogun...

World Cup: Nigeria will get to semi-finals, magical...

 

Latest News Abakaliki Street still exist in Awka --LG boss PDP, Ohaneze demand immediate release of Sen. Abaribe Alleged kidnapping: Evans hires new lawyer after former withdraws over threats to life Police deploys 5000 personnel for APC Convention Court dismisses FG’s suit seeking forfeiture of accounts not linked to BVN Osinbajo, Saraki, Atiku others lauds Super Eagles’s victory against Iceland 2018 Budget: Fayose attacks Buhari for blaming National Assembly, calls President ‘blame specialist’ 2019: Muslim group accuses Saraki, Dogara of plotting Buhari’s downfall with 2018 budget Nigeria’s environment conducive for business – Saraki woos Russian investors ‎FG withholds Paris Club refund to starve Ekiti, says Fayose Enugu govt sets up judicial panel of inquiry over monarch’s death Ariaria market obtains independent electricity licence

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (5,988 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (4,113 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (3,699 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (3,524 views) ASUU strike: Senate intervention ends in deadlock (3,458 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (2,868 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (2,627 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (2,542 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (2,522 views) Buhari has disappointed Nigerians – Arewa Youth Forum (2,513 views) Anambra: INEC releases 37 candidates for Nov poll (2,452 views) Chime not owner of Enugu Mall – Spar (2,108 views)

 

SECTIONS NEWS (156) EDITORIAL (4) POLITICS (283) SOCIETY (95) SPORTS (9) BUSINESS (145) HEALTH (13) EDUCATION (12) ENTERTAINMENT (7) INTERNATIONAL (23) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (7)

 

 

Julius Agwu - Crazy Interview Demands