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MMM Founder — Mavro­di Sergei is Dead

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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.

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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