Russian businessman Sergei Mavrodi, whose MMM pyramid scheme deprived millions of Russians of their savings in the 1990s, has died of a heart attack, according to Russia media.

Reports said 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.


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.

In 1994, Mavrodi was elected as a lawmaker, a decision he later said was to ensure he received immunity from prosecution. In 1996, he lost his parliamentary mandate.

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

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.

source : https://www.rferl.org/a/russia-mmm-pyramid-scheme-founder-dead-mavrodi/29124267.html

Nigerians that lost their money to this scheme will jubilate

NA CURSE KILL AM?
HE IS AFRAID OF NIGERIA COMMING TO RUSSIA FOR WORLD CUP THIS JUNE.
HE WILL RESURRECT IN AUGUST

finally village people tracker has located him

chai!!! the curses finally caught up with him.



I'm sure those that committed suicide tormented him to death

The Modification of NnadyChuks' law of space Booking states that: the owner or Moderators of NL cannot unbook your space after it has been booked. Mathematically, S=KNU where K is a Constant of certainty

MMM - Mogbe Moku Modaran!

Mavrodi, wey my money oooo

Let them not waste time on conducting autopsy...

His death is traceable to one shrine in Nigeria where his name and photos are suffocating inside a bottle

I pray and hope many Nigerians won't die.........
just to keep tracking him for their money!!



For those ones saying curses of Nigerians killed him, na so una sabi curse wey all the thieves, corrupt politicians Still dey play cards with y'all future.
Na coincidence abegii........

Rip sir.

He came- He saw- He conquered many Nigerians upon all our so called "sense" online.


It is not your money.

Na Naija people kill am

Wish I be him next of kin

finally my mavro has gone!

Jaguntemmy:
NA CURSE KILL AM?
HE IS AFRAID OF NIGERIA COMMING TO RUSSIA FOR WORLD CUP THIS JUNE.
HE WILL RESURRECT IN AUGUST

Funny...

I can imagine the number of people wey enter heavy debt because of this man.

Rest in Ponzi, Mavrodi.

Although I lost my money to his antics it doesn't make sense for me to jubilate .
the guy is dead , no more pains and worries of this world..
he doesn't give a Bleep about my jubilation...

I would have preferred a life jail sentence or an everlasting ailment that would've made him completely handicapped until is dying day.

His Ponzi died before he died.

NIGERIANS!!! I HAIL THEE...WON TI PE PA

Jaguntemmy:
NA CURSE KILL AM?

That curse go good for some of our leaders. . .

I got milli trapped in that org.

Don't mess up with prayer warriors in Nigeria

At last, curses of swindled Nigerians killed this man, Chuks may be the next on the line.

Jaguntemmy:
NA CURSE KILL AM?
HE IS AFRAID OF NIGERIA COMMING TO RUSSIA FOR WORLD CUP THIS JUNE.
HE WILL RESURRECT IN AUGUST

www.nairaland.com/attachments/6878250_img20180324192213_jpegdf9f3ef3944d239130a8d35123b57c4d

If it is true, then Naija people's juju has gotten him!

Go spend the money for hell

Just send his remains here we are ready to give him a befitting burial

ewoooo, this man finally go shaa..#scammeraye.mogbemokumidaran#$#