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MMM founder, Sergei Mavrodi dies at 62

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Russian businessman, Sergei Panteleevich Mavrodi, whose pyramid scheme deprived millions, including Nigerians, of their savings has died, aged 62.

According to reports by Russian media, Mavrodi was rushed to the hospital March 25 and died hours later.

Described as a Russian criminal and a former deputy of the State Duma, Mavrodi founded the МММ series of pyramid schemes.

MMM stands for the first letters of the founders’ surnames – Sergei Mavrodi, Olga Melnikova and Vyacheslav Mavrodi.

According to various estimates, the number of participants of the MMM scheme has reached 10-15 million people.

 

 

Read » MMM founder, Sergei Mavrodi dies at 62 on YNaija

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