FOUNDER OF MMM SERGEI MAVRODI DIES OF HEART ATTACK

FOUNDER OF MMM SERGEI MAVRODI DIES OF HEART ATTACK

FOUNDER OF MMM SERGEI MAVRODI DIES OF HEART ATTACK

Russian businessman Sergei Mavrodi, whose MMM
pyramid deprived tens of millions of Russians of
their in the Nineteen Nineties, has died of a coronary attack,
in step with Russia media.

reports said the sixty two year turned into to the
overdue on 25 with pain in his chest and
died several hours later.

Mavrodi’s MMM financial pyramid changed into an average
Ponzi scheme wherein earlier buyers acquire their
from subsequent investors. Mavrodi promised
returns of 20 to 75 percentage a month, as nicely
as lotteries and bonuses for investors. The pyramid collapsed, inflicting large
monetary for as a minimum 10 million human beings, in
a few leaving them in destitute.

In 1994, Mavrodi become elected as a lawmaker, a
decision he later stated changed into to make sure he acquired
immunity from . In 1996, he lost his
parliamentary mandate.
In 2007, a Moscow court discovered him responsible of
financial fraud and sentenced him to four half in a
penal colony.

In 2011, Mavrodi released every other pyramid scheme
known as MMM-2011, calling on to
so-known as Mavro foreign money in a bid to do away with
the “unfair” financial system. a few 15 months later,
Mavrodi halted the mission.
From 2011-sixteen, Mavrodi released Ponzi schemes
underneath the MMM logo in , China, South ,
Zimbabwe, and .
In lots of the ones , Mavrodi’s
have been close down or suspended

2 Comments

  1. Good update

  2. Ok

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