Sergey Mavrodi, Founder Of MMM Dies At 62

Sergey Mavrodi, the founder of MMM, a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, is dead.

According to a report by Moskovsky Komsomolets, the founder of the MMM series of financial pyramid schemes, Mavrodi, died in Moscow at the age of 62.

Report gathered that Mavrodi was taken to a city hospital from a bus stop overnight Monday, March 26, after he felt weakness and pain in the chest area.
“The emergency team has failed to save his life. He died this morning,” the report said. The preliminary cause of death is a heart attack.
Mavrodi has been elected as a lawmaker in 1994, but his immunity was taken away in 1996.

He was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Mavrodi claimed he is not the beneficiary of the donations and he is not used to flamboyant lifestyle. His true charges of which he was later convicted of is tax fraud though he claimed that MMM scheme is not a business, but a mutual donation program of which there is no law against such.

MMM stands for Mavrodi Mondial Moneybox. The company got a lot of money from people – it was making about 50 million USD each day. MMM started as a company that imported office equipment.

In January 2017 MMM Nigeria reopened. Also, on February 11th the company announced the lifting of the withdrawal limits on 2017 mavro. Investors were angry because of the delayed, and unfulfilled payments and some people left the scheme. The investors who stayed loyal to the company were given assurance of getting back their money.

But the company stated that in order to get the pre-2017 money, investors should add new money. And the more they add, the higher their chances to get the previous money back. Though MMM came back, it could not regain the trust of the bulk of the investors failed to make huge impact it had when it was first introduced. About 110 countries suffered from MMM, including various African countries like Kenya, Ghana, Zimbabwe.

Correspondent

Recent Posts

Court Dismisses Case Against #EndBadGovernance Protesters

The court has dismissed the case against #EndBadGovernance protesters.   Glamtush reports that a Federal…

13 hours ago

FG Terminates ₦740bn Abuja-Kaduna Road Contract With Julius Berger Over Non-Performance

FG has terminated the ₦740bn Abuja-Kaduna road contract with Julius Berger over non-performance.   Glamtush reports…

13 hours ago

Ekiti Chief Judge, Adeyeye, Dies At 64

Ekiti Chief Judge, Adeyeye, has died at 64.   Glamtush reports that Justice Oyewole Adeyeye,…

14 hours ago

Access Bank Wins Best Digital, Best Website At 2024 Digital Jurist Awards

Access Bank PLC has been named the 2024 Best Digital Award winner in the Commercial…

15 hours ago

Top Summary From Nigerian Newspapers For Tuesday, November 5th, 2024

The top summary from Nigerian newspapers for Tuesday, November 5th, 2024, can be accessed on…

15 hours ago

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

1 day ago