Breaking News

Sergei Mavrodi is Dead - MMM Ponzi Schemer

The controversial Russian businessman Sergei Mavrodi, whose MMM fraudulent business model denied a large number of Russians of their investment funds n the 1990s, has kicked the bucket of a heart attack, according to the Russian media.

Reports said the 62-year-old was rushed to the Medical Hospital late on March 25 with pains in his chest and died a few hours after the attack.

Mavrodi's MMM money related pyramid schem was an average Ponzi in which early financial investors get their benefits from other subsequent investorss.

Mavrodi guaranteed returns of 20 percent to 75 percent a month, and in addition lotteries and rewards for financial investors.

When the quantity of new customers quit investing, the pyramid scheme collapsed, causing enormous money related misfortunes for no less than 10 million individuals, leaving them dejected and heartbroken.

In 1994, Mavrodi was chosen as a legislator, a choice he later said was to guarantee he got immunity from indictment. In 1996, he lost his parliamentary privileges.

In 2007, a Moscow court discovered him guilyof monetary related extortion and fraud thereby condemning him to 41/2 years in a penal colony.

In 2011, Mavrodi propelled another fraudulent business model called MMM-2011, approaching speculators to buy purported Mavro cash units in an offer to dispose the "unfair" financial system. Exactly 15 months after, Mavrodi ended the Plan.

Again from 2011-16, Mavrodi propelled another Ponzi scheme conspires under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

In a large number of those nations, Mavrodi's activities were consequently closed down or suspended.

No comments