The global business community on March 26th, 2018 woke up with the news about the death of Sergei Mavrodi the founder of money pyramid Ponzi scheme popularly called MMM. The Russian native who was 62 years old as at when he died founded the MMM from the acronym of the initials of the names of his two other siblings plus his and in 1982 he established MMM Ponzi scheme which went global.
In Nigeria MMM became so popular so much so that banks and internet companies became surged with operators of MMM and their customers who engaged in the financial pyramid multiplying investment fund of each entrant but the scheme later became problematic in December 2016 when investors lost huge amounts of money especially in Nigerian currency Naira where the financial pyramid fraud prone investment was in vogue for more than 2-years before its crash.
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When it was founded the company was owned by VYACHASLAYY MAVRODI, and a woman OLGA Melnikova as it was from these two initials with that of Sergei Mavrodi that MMM was formed. Sergei Mavrodi died in the early hours of Monday 26th of March, 2018 as he complained of pain in his heart on Sunday 25th of March, 2018 and was pronounced dead after few hours.
Russian media broke the news about his death having known him as a fraudster who made over 10million Russians to lose 3-Billion Ruble equivalent of United states of American fifty two Million Five hundred Thousand dollars USD$52.5