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Monday, 26 March 2018

MMM Founder Mavrodi Is Dead

Businessman and Ponzi Scheme; MMM Founder who was aged 62 years old is dead.

From reports, Sergey was rushed to the hospital late on March 25 after complaining of Pain in his chest, which eventually led to his death as the emergency team was unable to save his life.

Mavrodi was popular for his MMM Ponzi Scheme in which earlier investors receive their profits from subsequent investors, promised a return of 20 - 75% returns as well as lotteries and other bonuses for the investors.

Reports say more than 10 Million people in China, Zimbabwe, South Africa and Nigeria lost money invested in the scheme.

Mavrodi was  a member of the Russian parliament in 1994, a decision he said he took so as to get immunity from prosecution.

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

MMM Ponzi scheme started in Nigeria in 2015 after it launched its website for Nigerians to use, a scheme which about 2.4 Million Nigerians invested in.

The Scheme did not last long though, as at the end of 2016, the organization freezed all accounts leaving so many Nigerians in a financial ruin.


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