MMM Founder dies at 62


62 years old founder of popular Ponzi scheme, MMM and Russian businessman, Sergie Marvodi is dead.

According to reports, Sergie was rushed to the hospital late on March 25 with pain in his chest and died several hours later in Moscow as the emergency team failed to save his life.

Mavrodi’s whose MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors, promised a returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.

Reports say between 10-15 million people in China, Zimbabwe, South Africa and Nigeria lost money invested in the scheme.

Mavrodi became a member of the Russian parliament in 1994,  a decision he later said was to ensure he received immunity from prosecution but he was stripped of his mandate in 1996.

Found guilty in a Moscow court for financial fraud in 2007, he was sentenced to 4 and half years in a penal colony.

In 2015, the Ponzi scheme MMM, started in Nigeria when it launched a new website for Nigerians. About 2.4million Nigerians invested in it as the company promised a profit of 30 % monthly.

The scheme did not last long as the organization froze the accounts of participants at the end of 2016, leaving many of the subscribers in financial ruin.