Who remembers the ascension of MMM into Nigeria, the money doubling scheme became a revolution that it became a revolution. Who remembers how fast it came and left with millions of Nigerians savings; and the wow of those who traded millions into a Ponzi Scheme. The creator of this”Miracle Working” Ponzi scheme Sergei Mavrodi, a Russian businessman dies at 67 from a heart attack on the 25th of March, 2018 after being rushed into a hospital due to a heart ache.
His MMM pyramid scheme cost several Russians their saving in the 1990’s, in 1994, Mavrodi was elected as a lawmaker; a decision he made to ensure he received immunity from prosecution but In 1996, he lost his parliamentary mandate.
Moscow court found him guilty of financial fraud and sentenced him to 4 1/2 years in a penal colony in 2007. But from 2011-16, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria 😂😅. In many of those countries, Mavrodi’s operations were subsequently shut down or suspended and sure as hell know it did in Nigeria. Although he might have caused people pain through his scam, we should honour his death.