Sergei Mavrodi, 90s ponzi scheme mastermind, died at a Moscow hospital.
Sergei Mavrodi, the founder of the MMM financial pyramid that cheated millions of Russians out of their savings in the 1990s, died at a Moscow hospital, a source familiar with the situation told the Russian News Agency (TASS) on Monday, 26 March.
According to the TASS source, Mavrodi was taken to the 67th city clinical hospital as an unidentified person and is currently at the forensic morgue at the hospital.
His MMM company, which existed from 1989 to 1994 in Russia, was recognised as one of the biggest financial pyramid schemes. In August 2015, there were many reports that Mavrodi had launched a new project in South Africa.
The scheme was billed and sold to unsuspecting South Africans as “a social financial network” promising 30%-per-month returns.
A development that prompted the Russian Embassy in South Africa to warn South Africans about Sergei Mavrodi, detailing his history and run-ins with the law, highlighting that “after his release in 2007 he got down to creating a new pyramid scheme called MMM-2011.”
The South African version of the scheme collapsed in May 2016.
The ritual funeral service in Russia said it will render assistance to Mavrodi’s family for his burial.
