Moscow — Sergei Mavrodi, a Russian operator of Ponzi schemes and sometime politician, has died. He was 62. Mavrodi shot to fame in Russia’...
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Moscow — Sergei Mavrodi, a Russian operator of Ponzi schemes and sometime politician, has died. He was 62.
Mavrodi shot to fame in Russia’s chaotic and poverty-stricken 1990s, promising vast profits to investors in his MMM schemes, many of whom lost their savings when the pyramid schemes collapsed.A similar MMM scheme took Harare by storm, a few years back via Ecocash. This forced RBZ to issue warnings to the public who lost thousands of dollars after the scheme crashed.
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| Ponzi Scheme was Outlawed in Zimbabwe |
The scheme advertised itself as a mutual aid fund under which recruited members contributed money to assist others and were promised investment returns of 30 percent per month.
As the word spread that ‘MMM Yakabhadhara’ Zimbabweans joined the bandwagon and were left counting their losses.
Russian state news agencies say Mavrodi died in a Moscow hospital on March 26. The precise circumstances weren’t immediately clear.
According to his Twitter account, Mavrodi had recently launched a “marketing system” using blockchain technology. - Online Sources
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