Radio Free Europe/Radio Liberty reports Monday that the 62-year-old MMM founder Mavrodi was rushed to the hospital late on March 25.

 

Mr. Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. It also promised returns of 20 per cent to 75 per cent 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.

Brief story about MMM founder Mavrodi

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

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A Moscow court found him guilty of financial fraud in 2007 and sentenced him to 4 ½ years in a penal colony.

Mavrodi launched another 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. The project was however halted after a few months.

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Between 2011 and 2016, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

The operations were subsequently shut down in many countries, including Nigeria

On the news about his dead

MMM founder Mavrodi was taken to a city hospital from a bus stop overnight Monday after he felt weakness and pain in the chest area.

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The emergency team has failed to save his life. “He died this morning,” the report said. In 2007 Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

His last message to MMM Nigeria members before his untimely heart attack

In this report, NAIJ.com examined the letter reportedly written by Mavrodi to Nigeria’s federal government. The letter was reportedly written after several attacks on the Ponzi scheme by well-meaning Nigerians. In the letter which was displayed on the page to all participants of the scheme, Mavrodi explained how the scheme works, listing its benefits.

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Below are things Mavrodi wrote to the federal government about the scheme:
1. You know nothing about the scheme Mavrodi said the federal government does not understand how the scheme works which is why they have repeatedly called for it to be investigated.
2. It is not a scam MMM founder said all members are warned about all the risks, the possible and impossible ones in advance.
3. It is a redistribution of wealth He said the scheme produces nothing and also gets nothing out of the country. “The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What”s wrong with that?” he queried.
4. What have you done for the people? He wondered why the Nigerian government was fighting MMM and asking if they want it to collapse and for millions of Nigerians to suffer. “Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people? Or might you not care about them? “If you know what is right for people, why is the life so bad in the country?” he asked.
5. The scheme is not collapsing soon Mavrodi said the scheme has been working in Nigeria for a year and an estimate of 3 million people have joined. He said: “In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”?
Nigerians was warned by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) not to participate in the scheme which it said was fraudulent.

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