Sergey Mavrodi, the founder of MMM, a Russian company that formulated and brought one of the world’s largest Ponzi schemes of all time, is dead.
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.
Sergei Mavrodi created the company “MMM” in 1992. It quickly gained popularity and became the largest financial pyramid in the history of Russia. The income of the members who joined it was paid out of the contributions of new arrivals, and when the flow of customers ceased to grow, non-payments began
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.
According to various estimates, the number of victims of the MMM has reached 10-15 million people.