According
to media reports, founder of the MMM series of financial pyramid schemes,
Sergei Mavrodi, has died in Moscow. Mavrodi was taken to a city hospital from a
bus stop overnight Monday after he felt weakness and pain in the chest area,
reports Moskovsky Komsomolets.
Mavrodi The emergency team has failed to save
his life. “He died this morning,” the report said. In 2007 Sergei Mavrodi was
convicted in a Russian court of defrauding 10,000 investors out of 110 million
rubles ($4.3 million).
Mavrodi claimed he is not the beneficiary of the
donations and he is not used to flamboyant lifestyle. His true charges of which
he was later convicted of is tax fraud though he claimed that MMM scheme is not
a business, but a mutual donation program of which there is no law against
such.
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