MMM founder dies of heart attack
Russian businessman and founder of the MMM rapid increase outline, Sergei Mavrodi who defrauds millions of Nigerians through his Ponzi scheme, is dead.
62 year old Mavrodi, died of a heart attack reports in the Russian media said on Monday, March 26.
According to reports, Mavrodi was rushed to the hospital on Sunday night with pain in his chest and died after some hours.
Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. It also promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.
Between 2011 and 2016, Mavrodi launched Ponzi schemes under the MMM brand in 5 countries which are India, China, South Africa, Zimbabwe, and Nigeria.
It was recalled that about three million Nigerians invested in the Ponzi scheme, Mavrodi Mundial Movement (MMM), which crashed in December 2016 and returned on January 13, 2017, but placed a limit to the number of withdrawals from old-confirmed money.
The Central bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), had warned Nigerians against participating in the system.
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| Sergei Mavrodi |
According to reports, Mavrodi was rushed to the hospital on Sunday night with pain in his chest and died after some hours.
Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. It also promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors.
Between 2011 and 2016, Mavrodi launched Ponzi schemes under the MMM brand in 5 countries which are India, China, South Africa, Zimbabwe, and Nigeria.
It was recalled that about three million Nigerians invested in the Ponzi scheme, Mavrodi Mundial Movement (MMM), which crashed in December 2016 and returned on January 13, 2017, but placed a limit to the number of withdrawals from old-confirmed money.
The Central bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), had warned Nigerians against participating in the system.
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