MMM Founder Is Dead

By Editor on 27/03/2018

Share on facebook Yahoo mail icon Gmail icon

Views: 698


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 kill over 100 returning from funeral in...

Buhari is Nigeria’s father of corruption – Fayose...

Enugu police rescue Mikel Obi’s father from abductors...

Bishop Kukah blasts Buhari, Says Our country and...

We are not bound by your prophecies on...

Obi Faults the Implementation of UBEC

APC’ll meet its match if it foments trouble...

Full Text of Communique issued after the South-East,...

I am not leaving PDP – Nnamani

Sokoto Governor, Tambuwal leaves APC for PDP

Ekwueme buried in Anambra

Ekweremadu donates to Gombe IDP Camps, fetes Enugu...

 

Latest News 2019: APC chieftain dares Buhari, declares support for Atiku at PDP secretariat Ekweremadu’s Constituents Carpet Buhari’s Aides over senatorial seat Drama as APC chieftain defects to PDP, places curse 2019: Dogara defects, picks PDP forms INEC denies plans to postpone 2019 elections Buhari assures on new minimum wage as workers threaten strike APC fires back at The Economist, HSBC for predicting Buhari’s defeat Army, others in show of force over IPOB sit-at-home order 2019: I’m seeking re-election to protect Nigeria – Buhari Jonathan condemns Oshiomhole over vote-buying allegations Okorocha sacks aides contesting election New Minimum Wage: Labour issues two weeks ultimatum as Fed Govt gives assurance

 

Most Read NAFDAC eases processes, cost of registering products for MSMEs (6,692 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (5,041 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (4,881 views) IPOB: ‘We need urgent clarifications on Nnamdi Kanu’s status, whereabouts’, UK Govt tells FG (4,351 views) ASUU strike: Senate intervention ends in deadlock (4,261 views) Ex-governor Adebayo, Keyamo, Arise, others get board appointments (3,560 views) Nigeria ripe for Restructuring Now – Nwodo in Chatham House (3,304 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (3,268 views) Anambra: INEC releases 37 candidates for Nov poll (3,235 views) Quit notice: Kaduna Govt obtains bench warrant against Northern youths (3,234 views) Buhari has disappointed Nigerians – Arewa Youth Forum (3,233 views) Prince Arthur Eze canvasses support for Buhari, Ugwuanyi (3,033 views)

 

SECTIONS NEWS (436) EDITORIAL (5) POLITICS (330) SOCIETY (102) SPORTS (12) BUSINESS (194) HEALTH (16) EDUCATION (14) ENTERTAINMENT (7) INTERNATIONAL (30) TECHNOLOGY (1) COLUMNISTS (0) LETTERS (0) OPINION (8)

 

 

Julius Agwu - Crazy Interview Demands