MMM FOUNDER,MAVRODI,DIES OF HEART ATTACK

Penpushing findings also recalled that Mavrodi was in 1994 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.

He, however, launched another pyramid scheme called MMM-2011, calling on investors to purchase so-called Mavro currency units in a bid to get rid of the “unfair” financial system. The project was however halted after a few months.

Between 2011 and 2016, he launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria, but the operations were subsequently shut down in many countries, including Nigeria.