Founder of the MMM Ponzi scheme, Sergei Mavrodi, has died of a heart attack at the age of 62. The Russian businessman was reportedly rushed to the hospital late on March 25 with pain in his chest and died several hours later.
Mavrodi started the MMM financial pyramid, a Ponzi scheme that deprived millions of Russians their savings in the 1990s. The scheme promised returns of 20 percent to 75 percent a month for investors.
Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. Mavrodi promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.
However, as soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.
A Moscow court found Mavrodi guilty of financial fraud in 2007 and sentenced him to 4 1/2 years in a penal colony. He later 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. The project was however halted after a few months. Then, between 2011 and 2016, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.
The operations collapsed in Nigeria in December 2016, causing investors to lose huge sums and this led to the death of at least 1 Nigerian investor who ingested insecticide because the money he invested in the scheme was the savings meant for his wedding.
According to the Russia media, Sergei Mavrodi whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990s.
In another News, Read
How ‘Dapchi Boy’ Was Kidnapped Alongside Schoolgirls By Boko Haram Terrorists
Here is the face of the Dapchi schoolboy, a pure water vendor captured by Boko Haram on 19 February, along with 111 schoolgirls.
The boy came to the Dapchi Girls Secondary Science and Tech College to sell pure water, when he was kidnapped alongside the Dapchi schoolgirls.
As 105 of the girls were released on Wednesday, he too got his freedom, said Alhaji Lai Mohammed, minister of information and Culture.
“Also kidnapped were two other persons, who are not students of the college.
“They include a primary school boy who came to the school to sell pure water and another primary school girl,’’ he said.
He said a total of 111 girls were abducted from the Government Girls Secondary and Technical College (GGSTC) in Dapchi on Feb. 19.
“That means one student was not captured on the list of 110 abducted students that was compiled by the school, on the basis of which the Federal Government gave the number of abducted schoolgirls as 110.
“So far, a total of 107 persons, comprising 105 Dapchi schoolgirls and the two non-students have been released by the insurgents.
He said that six Dapchi schoolgirls were yet unaccounted for and all efforts will be made to secure their release.
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