The founder of the popular Ponzi scheme MMM, Sergey Mavrodi is dead. It was gathered that the cause of death was a heart attack. According to reports, Mavrodi aged 62, had felt weakness and pain in the chest area and was taken to a city hospital from a bus stop overnight Monday, March 26.
It was gathered from reports that, “The emergency team has failed to save his life and he died this morning,” Sergei Mavrodi had created the company “MMM” in 1992. It quickly gained popularity and became the largest financial pyramid in the history of Russia.
MMM started in Nigeria in November 2015, when it launched a new website for Nigerian audience. In Nigeria, the company lowered its standards and promised profit was 30% per month since its primary target was unemployed people.
The number of people that signed up by the late 2016 was shocking – 2.4 million! They hoped that MMM would give them easy money and they had no doubts. Sadly, after a year of its existence in Nigeria, the hopes of the people was dashed as MMM announced the freezing of all members accounts.
According to the company, the reason was “systems overload and the negative attention brought on by the Government and mass media.”
Upon this freeze, people started to panic. Unfortunately, the worst part of the ugly incident was that the panic led them to even attempt to end their lives. Things got very intense and the Lagos State Emergency Management Agency asked the citizens to look out for each other and call the emergency number if someone was trying to kill himself.
Surprisingly, on January 2017 MMM Nigeria reopened. Also, on February 11th the company announced the lifting of the withdrawal limits on 2017 mavro. Investors were angry because of the delayed, and unfulfilled payments and some people left the scheme.
Meanwhile, when MMM froze members’ accounts, Nigerian media warned the citizens against investing in the Ponzi scheme reporting that the scheme had collapsed, but many turned deaf ears. Mavrodi himself wrote an open letter to Nigerian journalists whom he claimed were causing unnecessary tension in the country.
