Sergei Mavrodi, the Russian founder of the popular and infamous Ponzi scheme that bears his name, MMM, has suffered a fatal heart attack. Mavrodi is reported, by Russian media publications, to have been rushed to hospital on 25 March 2018 after complaining about chest pains only to pass away some hours later.
According to Russian media, Mavrodi whose MMM ponzi scheme deprived millions of Russians their savings in the 1990s, died of a heart attack.
In Afrika, Mavrodi’s MMM ponzi scheme defrauded thousands of people in countries such as Kenya, Nigeria and South Africa. Despite this, and despite the ponzi scheme shutting down and re-opening several times in various Afrikan countries, many people still fell for it and believed the MMM ponzi schem could make them very rich, very quickly. Like any other Ponzi scheme, MMM operated the same in that earlier participants receive their profits from subsequent participants thus perpetuating the myth that it can make you rich.
In 2007, a court in Moscow, Russia found Mavrodi guilty of financial fraud and he was sentenced to 4 and a half years. These charges were related to different financial crimes other than MMM, which he would go on to launch in 2011. Before his death, Mavrodi had spawned a new version of the MMM ponzi scheme riding on the ICO and cryptocurrencies bandwagon by running the MAVRO ICO, which is still underway. In a video published by Mavrodi, it is said that the new MMM cryptocurrency will "revolutionize the MLM (multi-level-marketing) industry globally.
"The MAVRO project is the solution to this problem. With the advantages in a peer-to-peer network include security from outside influence such as governments and regulatory agencies. Furthermore, a peer-to-peer network establishes trust among users which can lead to greater transparency for both payment provides but also the actors within a MLM system," reads a statement from MMM explaining their ICO.