LATE SERGEY MAVRODI, MMM FOUNDER
Sergey Mavrodi, the founder of the popular pyramid scheme, MMM, was earlier reported to have died of heart attack on Monday, March 26, 2018 at a Russian hospital. He died at the age of 62.
Segey Mavrodi was reported to have died after he felt weakness and pain in the chest area.
According to a compilation by The Pulse, here are a few things you need to know about him:
1. Mavrodi was born on August 11, 1955, in Russian capital, Moscow, and was diagnosed with bilateral heart defect in his childhood.
2. He was first arrested in 1983 for illegal economic activity and was detained for 10 days.
3. In 1989, he launched МММ with his brother Vyacheslav Mavrodi, and a woman Olga Melnikova. The name of the company was taken from the first letters of the three founders’ surnames. The Russian company perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s with different estimates from 5 to 10 million people losing their savings.
4. Sergey Mavrodi launched the MMM Ponzi scheme for the first time in February 1994, promising annual returns of up to 3,000%. On August 4, 1994, he was arrested on tax evasion charges, unrelated to the MMM scheme.