MMM founder, Sergei Mavrodi is dead. dies at age 62

Sergei Panteleevich Mavrodi a Russian was born from  August 11, 1955-26 March 2018,is a Russian criminal and a former deputy of the state Duma. He was the founder of the MMM series of Pyramid scheme.

In 2007 Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).Mavrodi claimed he was not the beneficiary of the donations and he is not used to flamboyant lifestyle. His true charges of which he was later convicted of was tac fruad ,though he claimed that MMM scheme is not a business, but a mutual donation program of which there is no law against such.There were interviews after his release where he claimed MMM global was behind the bitcoin price rally.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 percent to 75 percent a month, as well as lotteries and bonuses for investors.

ALSO READ: Jailed For Not Paying A Fine, Ponzi Scheme Founder Plots ‘Financial Apocalypse’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  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 parliamentary mandate.