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Tuesday, 27 March 2018

Obituary: The Life & Times Of MMM Founder, Sergei Mavrodi

Sergei Mavrodi (August 1955 – 26 March 2018) was a Russian financial fraudster and previously a deputy of the State Duma. He was the founder of the МММ series of pyramid schemes.

Mavrodi was born in Moscow. In his childhood he was diagnosed with bilateral heart defect.
Mavrodi recalled that in school he was proficient in mathematics and physics. He studied in
the Moscow State Institute of Electronics and Mathematics. In 1983 he was arrested for 10
days due to illegal economic activity.

In 1989 Mavrodi founded MMM. He was then elected as deputy of State Duma obtaining
parliamentary immunity. Mavrodi declared MMM bankrupt on December 22, 1997, then
disappeared, and was on the run until his arrest in 2003.

In 2008 Mavrodi published the book Temptation . In May 2008, bailiffs arrested Mavrodi's rights
to this book. Seven thousand copies of the book were published.

On April 28, 2007, a Moscow court sentenced him to four and a half years in a penal colony .
The court also fined him 10,000 rubles ($390).

In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking
investors to buy so-called Mavro currency units.

Mavrodi said that his goal with MMM-2011 is to destroy the current financial system, which he
considers unfair, which would allow something new to take its place.
A feature film The PyraMMMid , based on the story of the same name by Mavrodi was released
in Russia on April 7, 2011.

MMM became fully operational in Nigeria in 2016. It was embraced by Nigerians and seen as a
quick money-making venture . Nigerians ignored warnings by the Central Bank of Nigeria ( CBN) ,
investors, previous records and religious bodies to Nigerians to desist from investing in the
Ponzi scheme . When the system crashed for unknown reasons in 2016, a total of N 18billion
was thrown into the sea resulting in the death of many . Despite plans to revive the business in
2017, it yielded little success.


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Onyekachi Charles

PH and GH

Angel Frenzy

Fake death..
People never wise..
They don't know what is going on...

Daniel Orji

Hope that those who ignorantly still hope that MMM would come back, won't give up the ghost as well??? Well, according to naij.com...he died of heart attack!

Jeremiah Ademolu

Did i hear you say rest in peace??? Endy if Nigerian cash you ehn... Royal rumble at heaven or hell gate now!

Magi Peremobowei Lawrence

All mavrodians should write Russian government that Sagei mavrodi owed us heavily and the government should pay us back before his burial commences.

Ezeji Nnecky Chidinma

Such a handsome fraudster gone like that,hope we all learn to walk on a straight path in life

Kaycee Vincent Maduka

So sad he had to pay wth his life. He meant well for evry1. I mean crashing the world's financial system means bridging the gap btw the rich and the poor bt unknwn to him that it was all been controlled by the new world order. They had to silence him this way to avoid coming up wth another way. R. I. P Sergei Mavrodi(audacious thinker and mathematician)

Oluwatoyin Obanla

Angel Gabriel will by now lead the pack of other no nonsense angels with big PANKERE to flog MMM out of this fraudster

Endy Edeson

@Obanla: He will still try to justify MMM to the angels by telling them he wanted to help the poor 😂

Willy Fredrick Uzoranking

He toyed with Nigerians... Ogun 4 Nigeria no dey drink ogogoro again.. Now dey drink champagne.. That's why they were so fast 2 strike him.. Dey don too high. Rest in hell bloody mathematician

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