According to a report by Moskovsky Komsomolets, the founder of the MMM series of financial pyramid schemes, Mavrodi, died in Moscow at the age of 62.

NAIJ.com gathered that Mavrodi was taken to a city hospital from a bus stop overnight Monday, March 26,

after he felt weakness and pain in the chest area.

“The emergency team has failed to save his life. He died this

morning,” the report said.

The preliminary cause of death is a heart attack.

Mavrodi has been elected as a lawmaker in 1994, but

his immunity was taken away in 1996.

He was convicted in a Russian court of defrauding

10,000 investors out of 110 million rubles ($4.3 million).

Mavrodi claimed he is not the beneficiary of the

donations and he is not used to flamboyant lifestyle.

His true charges of which he was later convicted of is tax

fraud though he claimed that MMM scheme is not a

business, but a mutual donation program of which there

is no law against such.

MMM stands for the first letters of the founders’

surnames – Sergei Mavrodi, Olga Melnikova and

Vyacheslav Mavrodi.

However, some people believe that it stands for Mavrodi

Mondial Moneybox.

The company got a lot of money from people – it was

making about 50 million USD each day.

MMM started as a company that imported office

equipment. However, there were some problems. In

January 1992 the company was accused of tax evasion.

This led to problems with the financial support of

company’s operation. It struggled Read more: https://

http://www.naija.ng/1121339-history-mmm-

nigeria.html#1121339

But how did MMM achieve that? The company promised

annual returns for up to 1000% to private investors. It

sounded quite attractive, and a lot of people were eager

to invest. With strong advertising and naive people (no

one heard about scams during that time), MMM became

one of the most successful companies in Russia.

However, the success didn’t last for long. Eventually, the

company was shut down in 1994 and it declared

bankruptcy in 1997. Unfortunately, everything didn’t

end here. After 14 years, the company reopened as

“MMM Global.”

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