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PONZI SCHEME! MMM founder, Sergey Mavrodi, reportedly dies of a heart attack in Moscow

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PONZI SCHEME! MMM founder, Sergey Mavrodi, reportedly dies of a heart attack in Moscow

Russian fraudster, Sergei Mavrodi, whose MMM pyramid scheme deprived millions of Nigerians of their savings in the 2016 and 2017, has died of a heart attack.

According to Russia media the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

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.

According to the preliminary version, the cause of the death of the businessman known for his frauds is a heart attack.

Reports said,

On the night of March 25 Mavrodi was hospitalized from a bus stop located at Polikarpova Street. 

An ambulance was called by an accidental passer-by after Mavrodi complained of weakness and pain in his heart. 

After the arrival of the doctors Mavrodi was hospitalized in the city hospital No 67. The doctors could not save him, so he died this morning.

Mavrodi founded MMM in the 1990s and deprived millions of Russian of their life savings.

 

MMM is considered the traditional and largest financial pyramid in the history of modern Russia. According to various estimates, from 2 to 10 million people were affected by MMM’s activities, they lost about 3 billion rubles ($52.5m)

In 2003, he was convicted of fraud on an especially large scale in Russia.

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