Founder Of The Infamous MMM Ponzi Scheme, Sergei Mavrodi Dies Of Heart Attack

Date: 26-03-2018 7:03 pm (6 years ago) | Author: kacy lee
- at 26-03-2018 07:03 PM (6 years ago)
(f)

Sergei Mavrodi, a Russian businessman and founder of the MMM Pyramid scheme, a Ponzi scheme that deprived millions of Russians of their savings in the 1990s, has died of a heart attack.

According to reports from a Russian media, Radio Free Europe/Radio Liberty, on Monday, the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

The report read, “The emergency team has failed to save his life. He died this morning.”

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.

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 2011-16, 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: at 26-03-2018 07:03 PM (6 years ago) | Addicted Hero
- fineboy77 at 26-03-2018 07:15 PM (6 years ago)
(m)
RIP

Posted: at 26-03-2018 07:15 PM (6 years ago) | Addicted Hero
Reply
- slimber at 26-03-2018 07:33 PM (6 years ago)
(f)
Rip
Posted: at 26-03-2018 07:33 PM (6 years ago) | Hero
Reply
- Mashbol at 26-03-2018 07:42 PM (6 years ago)
(m)
So long
Posted: at 26-03-2018 07:42 PM (6 years ago) | Gistmaniac
Reply
- cypanyahucha at 26-03-2018 07:47 PM (6 years ago)
(m)
RIP. Some people go get heart attack thinking the scheme will resurrect one day and pay them.
Posted: at 26-03-2018 07:47 PM (6 years ago) | Gistmaniac
Reply
- proly at 27-03-2018 01:12 AM (6 years ago)
(f)
Hmmmmmmm
Posted: at 27-03-2018 01:12 AM (6 years ago) | Hero
Reply
- ruthie at 27-03-2018 07:23 AM (6 years ago)
(f)
good bye...less scammers in the world
Posted: at 27-03-2018 07:23 AM (6 years ago) | Hero
Reply
- Haso112 at 27-03-2018 07:44 AM (6 years ago)
(m)
Quote from: cypanyahucha on 26-03-2018 07:47 PM
RIP. Some people go get heart attack thinking the scheme will resurrect one day and pay them.

 Grin Grin Grin Grin Grin SOME PEOPLE JUST KEPT DREAMING & HOPING.... THEY WERE WARNED BUT THEY NEVER LISTENED....
Posted: at 27-03-2018 07:44 AM (6 years ago) | Gistmaniac
Reply
- james987 at 27-03-2018 08:22 AM (6 years ago)
(m)
Guy man hope say you no dey fake death to escape justice.
Posted: at 27-03-2018 08:22 AM (6 years ago) | Hero
Reply
- nature7888 at 27-03-2018 09:47 AM (6 years ago)
(m)
Quote from: james987 on 27-03-2018 08:22 AM
Guy man hope say you no dey fake death to escape justice.
I reason am so o...
Posted: at 27-03-2018 09:47 AM (6 years ago) | Gistmaniac
Reply
- nature7888 at 27-03-2018 09:52 AM (6 years ago)
(m)
This man don finally move...
Posted: at 27-03-2018 09:52 AM (6 years ago) | Gistmaniac
Reply
- fineboy77 at 16-04-2018 01:28 AM (5 years ago)
(m)
seen

Posted: at 16-04-2018 01:28 AM (5 years ago) | Addicted Hero
Reply

fire TRENDING GISTS fire

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