Over 10 million persons know about Sergei Mavrodi, because he managed one of the world biggest ponzi that scammed millions worldwide. Be amazed, read about this Top5 unknown facts.
Sergei Mavrodi was a Russian businessman who founded the MMM pyramid scheme, depriving millions of Russians their savings on the first start up in the 1990s.
Again in 2011, Sergei 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. And in 15 months time, he again aborted the project.
From 2011-2016, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria. Also called mmm russian ponzi scheme.
In many of those countries, Mavrodi’s operations were subsequently shut down or suspended by the Federal Government.
Sergei Mavrodi founded the MMM financial pyramid as a typical ponzi scheme or mmm programme aiming to build and help everyone get rich quick. All earlier investors received profits of about 20% to 70% from subsequent investors, as well as lotteries and bonuses.
But soon the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for over 10 million persons, and in some cases leaving these late down-line investors destitute and frustrated. The mmm programme caused devastation.
In the year 1994, Mavrodi was elected as a lawmaker, but he later said that decision was to ensure he received immunity from prosecution. And in 1996, he lost his parliamentary mandate.
In 2007 Sergei Mavrodi was convicted in a Russian court for defrauding 10,000 investors out of 110 million rubles ($4.3 million) because of the mmm russian ponzi scheme.
In 2007, a Moscow court found him guilty of financial fraud and sentenced him to 4 1/2 years in a penal colony.
His true charges of which he was later convicted of is tax fraud though he claimed that MMM scheme is not a business, but a mutual donation program of which there is no law against such.
Also claiming he is not the beneficiary of the ponzi donations and and also not used to flamboyant lifestyle.
According to media reports, MMM founder Sergei Mavrodi died in Moscow.
After weakness and pain in the chest area, The 62 years old Mavrodi was taken to a city hospital from a bus stop overnight and died few hours later.
A Russian report team said “The emergency team has failed to save his life and he died of a heart attack.