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MMM founder, Sergei Mavrodi is dead



Founder of MMM Sergei Mavrodi is dead. The Russian business man, whose pyramid scheme deprived millions of investors in Nigeria, South Africa Zimbabwe, India etc... of their hard earned savings died of a possible heart attack on Sunday March 25, 2018.

According to reports, the 62 year-old businessman was rushed to a hospital with chest pain last night and died shortly after.
Mavrodi’s MMM financial pyramid was a 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.

The scheme faced a dramatic fall in Nigeria in 2016, which saw participants lose huge amounts of money. Several people committed suicide after the popular Ponzi scheme announced a temporary closure in December 2016. Since then, participants have been struggling to get back their monies. 

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