Sergie Marvodi ,MMM Founder Dies at 62
Popular Ponzi scheme founder, MMM and Russian businessman, Sergie Marvodi is dead.
According to reports, the 62 year old 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.
It was reported that between 10-15 million people in China, Zimbabwe, South Africa and Nigeria lost money invested in the scheme.
Many Nigerians who put their money counted their lost in 2016 when their accounts were frozen by the site just a year after its’ launched in the country. The Nigerian Deposit Insurance Corporation, NDIC, said that an estimated three million Nigerians lost N18 billion in the MMM ponzi 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. He claimed that MMM scheme is not a business, but a mutual donation program of which there is no law against such.