The death of MMM Founder and the Russian Businessman, Sergei Mavrodi made people who lost out in the investments rejoicing.
Reports had it that he 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.
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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.
It would be recalled that many people died of heart attack as a result of the money invested without any returns running into millions of Naira between 2016 and 2017. All warning felt in deaf ears.
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MMM DEMISE NIGERIANS REACT
Some Nigerians, while reacting, described Mavrodi’s demise as a clear case of Karma.
Mavrodi launched his controversial scheme in 2011. It crashed in Nigeria in December 2016, with millions of naira belonging to Nigerians still missing.
Here are some reactions captured from Twitter:
†@DaminaboEric
MMM, Sergey Mavrodi founder dies of attack in Moscow…
So Amadioha Can Kill Someone In Moscow?
†@newscantell
Someone said Sergey Mavrodi died because he was afraid of Nigerians coming to Russia for world cup in June. Man just had to die of heart attack.
He wasn’t a great man but he allowed us know which Nigerian bank is fast and reliable.
I can’t forget the MMM drama.
†@no_rookie
MMM founder Sergey Mavrodi is dead. Died of heart attack. U cant eat Nigerians money just like that, ask Abacha
†@OgbeniDipo
Sergey Mavrodi, the life-long professional con artist who scams greedy and gullible people is dead.
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†@O_ssai
Sergey Mavrodi, founder of MMM has been scamming people all over the world without repercussions… just small money he scammed in Nigeria last year…. Dude is dead now.
†@dat_ph_boi
Sergey Mavrodi don kick bucket!!
When Baba Durojegbe’s money got hung on that MMM I knew he wasnt going to allow the thing pass like that.
If u know, you know!!
â€@VoiceOfPerez
MMM founder, Sergey Mavrodi dies of heart attack at 62. How many Nigerian got stroke and died when they got swindled on the false hope his network gave them?
www.sojworld.com © March 26, 2018
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