Russian Business Mogul Sergei Mavrodi Dies of Heart Attach To be Burried

Russian Business Mogul Sergei Mavrodi Dies of Heart Attach To be Burried | This is no news anymore Russian businessman Mavrodi, founder of MMM pyramid scheme who loves depriving millions of Nigerians of their savings in the 2016, lost his life due to heart failure, this we read from Russia media. Furthermore lots of Nigerian re happy to here this news.

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The 62-year-old Mavro 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.

Russian Business Mogul Sergei Mavrodi Dies of Heart Attach To be Burried

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.

Russian Business Mogul Sergei Mavrodi Dies of Heart Attach To be Burried

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Mavro went further in 1994, to claim an election as a lawmaker, this decision made specifically to ensure he received immunity from prosecution.

Similarly In 1996, he lost his parliamentary mandate.

Similarly In 2007, a Moscow court found him guilty of financial fraud and sentenced him to 4 1/2 years in a penal colony.

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Russian Business Mogul Sergei Mavrodi Dies of Heart Attach To be Burried

In 2011, 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. Some 15 months later, Mavrodi halted the project.

From 2011-16, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

In many of those countries, Mavrodi’s operations were subsequently shut down or suspended.