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MMM founder, Mavrodi dies of heart attack

Russian businessman and founder of the MMM Pyramid scheme, Sergei Mavrodi, is dead.

According to Russian media, Mavrodi whose MMM pyramid scheme deprived millions of Russians their savings in the 1990s, died of a heart attack.

Radio Free Europe/Radio Liberty reports Monday that the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

Mr. Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. It also promised returns of 20 per cent to 75 per cent a month, as well as lotteries and bonuses for investors. As soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.
In 1994, Mr. Mavrodi was elected as a lawmaker, a decision he later said was to ensure he received immunity from prosecution although he later lost his parliamentary mandate.

A Moscow court found him guilty of financial fraud in 2007 and sentenced him to 4 1/2 years in a penal colony.

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DJ Jazzy

As the Founder and CEO of Xclusiveloaded.com, Godwin Ozor, better known as DJ Jazzy, is a Nigerian professional disc jockey and entertainer. “I love to talk about music, so I use my leisure time to blog new songs on Xclusiveloaded.com. My primary duty is news, so my day basically consists of trying to break stories as quickly and carefully as I can.” Do you wish to contact me? call or Whatsapp me on 09030899441. Have a nice day dear!

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