MMM founder Sergei Mavrodi dies of heart attack at 62

MMM founder Sergei Mavrodi dies of heart attack at 62. MMM founder Sergei Mavrodi has been hit with heart attack. He was rushed to rushed to the hospital late on March 25 with pain in his chest and died several hours later. Nigerians lost a lot of their fortune in the MMM pyramid scheme and some are already jubilating for his death.

He was aged 65 years.  According to a report by  Moscow-based daily newspaper Moskovskij Komsomolets, the former deputy of the State Duma died in the Russian capital, Moscow, after he felt weakness and pain in the chest area.

MMM founder Sergei Mavrodi dies of heart attack at 62

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.

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Omotimehin Nelson is a Nigerian award-winning content writer. He derives passion for creative writing. Join me

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