Sergey Panteleevich Mavrodi born August 11, 1955 is a Russian criminal and a former deputy of the State Duma. He is the founder of the МММ series of pyramid schemes. In 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million)

MMM activities

In 1989 he founded MMM.
He was then elected to the State Duma thereby obtaining parliamentary immunity. Mavrodi declared MMM bankrupt on December 22, 1997, then disappeared, and was on the run until his arrest in 2003

In 1998 Mavrodi created Stock Generation, allegedly a classic pyramid scheme presented as a "virtual stock market game". The website ran from 1998 to early 2000. The Massachusetts district court initially found that U.S. Securities and Exchange Commission was unable to cite Stock Generation's founders and owners for securities violations. However, the United States Court of Appeals reversed this decision in 2001, concluding that the SEC alleged sufficient facts to state a triable claim.

In 2003 the SEC obtained permanent injunctions against SG Ltd. and relief defendants SG Perfect and SG Trading, which profited from the disbursement of funds fraudulently gained by SG Ltd.
On April 28, 2007, a Moscow court sentenced him to four and a half years in a penal colony. The court also fined him 10,000 rubles ($390).

In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding "It is a naked scheme, nothing more ... People interact with each other and give each other money. For no reason!" Mavrodi said that his goal with MMM-2011 is to destroy the current financial system, which he considers unfair, which would allow something new to take its place.

MMM-2011 was able to function openly as Ponzi schemes and financial pyramids are not illegal under Russian law. In May 2012 he froze the operation and announced that there would be no more payouts.

In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid. He has also launched MMM in China. He was reported to be trying to expand his operations into Western Europe, Canada, and Latin America. As of September 2015 it had spread rapidly in South Africa with a claimed 1% per day or 30% per month interest rate scheme and warnings from both the South African and Russian Communist Parties for people not to participate in it.

In 2016, MMM launched a website targeting the Nigerian audience.In January 2016 the Chinese government banned MMM on the grounds that it is a pyramid scheme, (Ponzi scheme), and it is not registered in the country (and as a fraudulent scheme cannot be registered).

Sources:
https://en.wikipedia.org/wiki/Sergei_Mavrodi
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)

cc: lalasticlala

tel those who paid u that ur campaign of calumny against MMM is jst a waste of time cos MMM Nigeria has come to stay and nothing anyone cn do abt it.

@op you are a goner, better join mmm when there is time.

cc: lalasticlala[/quote]

Come on! Give me a break! The truth is conventional financial institutions have grossly failed us in Nigeria and the regulatory bodies have merely given them a slap on the wrist.

When the Stock market crashed and investors lost their hard earned resources what came of it? Was any one involved in the Stock market scam prosecuted?

When banks went under due to Board/Management unwholesome practises what punitive measures did CBN et all take? Innocent bank customers lost huge sums of money without remedy

So OP Leave MMM alone, let those who decide to join the community do so without intimidation from any quarters. There is freedom of association more so when the intention is not criminal.

Long live MMM

Seems like brainwashing comes with these programs.

Perfecttouch:
Seems like brainwashing comes with these programs.

Yes it does. The comments so far shows that greed is the ideal recipe for brainwashing people.

Pierocash:
tel those who paid u that ur campaign of calumny against MMM is jst a waste of time cos MMM Nigeria has come to stay and nothing anyone cn do abt it.

How market