Sergey Mavrodi, the founder of a Russian company that ran one of the world’s largest Ponzi scheme died in Moscow due to heart attack.
Mavrodi was taken to a city hospital from a bus stop overnight Monday, March 26, after he felt pain in his chest.
“The emergency team has failed to save his life. He died this morning,” Moskovsky Konsomolets reported.
Who is Sergey Mavrodi?
Sergey Mavrodi was a Russian criminal and a former deputy of the State Duma. He was the founder of the МММ series of ponzi schemes. Mavrodi Mondial Moneybox(MMM) collapsed in the late 1990s, losing investors an estimated $100m.
He was convicted in a Russian court of defrauding 10,000 investors. In 2007, Mavrodi was sentenced to 4.5 years in prison. Later on MMM has swept across Africa promising returns on investment of 30 percent a month in South Africa, Zimbabwe, Nigeria and some east African states.
Currently MMM South Africa, MMM China, MMM JAPAN and MMM Global USA are already functioning and still promising investors a return of 30 percent per month.