Breaking: MMM founder Sergei Mavrodi dies of heart attack

Russian businessman and founder of the MMM Pyramid scheme, Sergei Mavrodi, is dead.

According to Russian media, Mavrodi whose MMM pyramid scheme deprived millions of Russians their savings in the 1990s, died of a heart attack.

Radio Free Europe/Radio Liberty reports Monday that the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.

Mr. Mavrodi’s MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. It also promised returns of 20 per cent to 75 per cent a month, as well as lotteries and bonuses for investors.

As soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.

In 1994, Mr. Mavrodi was 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.

Mr. Mavrodi 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, Mr. Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria.

The operations were subsequently shut down in many countries, including Nigeria.

MMM stands for Mavrodi Mondial Moneybox. The company got a lot of money from people – it was making about 50 million USD each day. MMM started as a company that imported office equipment.

In January 2017 MMM Nigeria reopened. Also, on February 11th the company announced the lifting of the withdrawal limits on 2017 mavro.

Investors were angry because of the delayed, and unfulfilled payments and some people left the scheme. The investors who stayed loyal to the company were given assurance of getting back their money.

Comments

9Mobile data 1gig for #200 and 5gig for #1000 Special Ramadan offer

Yeh! People, 9mobile has just reviewed the Ramadan offer which gives subscribers 1GB worth of data for just N200. The offer is now rebranded and called "special data" You get1GB for N200 and 5GB for N1000. The plan is mainly for those who prefer high volume of data at an affordable rate. Before now, this offer was made available for customers during the Ramadan period to celebrate and socialize by being online to update social media accounts as well as keep tabs of all that are happening during that period but now it's an official data plan usable anytime, any day. So this post is about how to activate this 9Mobile special offer and its validity period. The interesting thing about this special offer is the data can be used on any device including Blackberry, Android Windows mobile, Symbian, jarva, modem etc. It requires no VPN in other to work. It's totally official from 9Mobile (formerly known as Etisalat Nigeria) With as low as 200 Naira , you ge...

PASTOR CHRIS RECEIVES PRIVATE JET

Pastor Chris Oyakhilom e of Christ Embassy was reportedly gifted a jet aircraft by some members of his church on Sunday night. The gift came from the church’s Music and Art group during the Loveworld International Music Award which took place on Sunday night to close the week-long International Pastors and Partners Conference (IPPC) held in Lagos Nigeria. A member of the Believers Loveworld Ministry (aka Christ Embassy) shared the news on Facebook and another revealed that the gift was from three members – Evangelist Katy, her husband and her son – while other church members sowed seeds. The member wrote: Reverend Chris Oyakhilome, this night receives a gift of a Jet Aircraft at the Loveworld International Music Award which took place on Sunday night at the prestigious Loveworld Convocation Arena (LCA) to close the week long International Pastors and Partners Conference (IPPC) held in Lagos Nigeria. The Jet Aircraft gift was given by the Loveworld Music and Art grou...

2018 JAMB BANS 16 ITEMS

The Joint Admissions and Matriculation Board (JAMB) has listed 16 items including eye glasses and wrist watches that will not be allowed into the Unified Tertiary Matriculation Examination (UTME) hall JAMB UTME Monitoring groups secretary, Ngozi Egbuna, made the disclosure in a memo to some civil society groups which will participate in the monitoring of the examination, Vanguard reports. The board however, stated that eye grasses worn by candidates on medical grounds would be thoroughly scrutinized by invigilators to ensure they were not for ulterior motives. The memo read: “Kindly note that examination officials are allowed to scrutinise eye glasses or similar devices and where convinced that such item may compromise the sanctity of the examination, the examination official should confiscate it. “Where examination official (board staff or ad hoc staff) or any authorised person is found with any of these prohibited items in the examination hall, such compromising actio...

FOUR FAKE SARS MEN, ROBBERS KILLED IN RIVERS STATE

Four Criminals parading themselves as operatives of the Federal S pecial Anti-Robbery Squad SARS have been gunned down in port harcourt Rivers State. The suspects were killed by SARS on Saturday, December 16, at Ogbogoro community in the Obio/Akpor Local Government Area of Rivers State following a distress call from an unidentified member of the public. This was as armed robbers, who operated around the Ileabuchi area of Mile 2 Diobu, Port Harcourt City, on Saturday night, killed a policeman in the area, leaving a local vigilante member and other persons with bullet wounds. It was learnt that the vigilante member and the other persons, who were hit by bullets, had been hospitalised. A source told PUNCH that the criminals were spotted to be fake security operatives by residents of the area. It was gathered that a resident of the area called Ozuoba Police Station. The source said when SARS operatives entered the community, the fake SARS men engaged them in a gun du...

BILLY GRAHAM, evangelist AND COUNCELOR TO PRESIDENT IS DEAD

Billy Graham, the charismatic North Carolina pastor who took his evangelizing crusades around the country and the globe, died on Wednesday morning, according to officials of his organization. He was 99. Graham achieved a reach unlike any other evangelist, serving as a counselor or minister to a dozen U.S. presidents. He preached to an estimated 215 million people in 185 countries around the world during his life, and his message reached millions more as he maintained a near-constant presence on radio, television and the internet. Graham also wrote more than two dozen books, including his 1997 memoir, "Just as I Am," which was a New York Times best-seller. Graham was a steady presence among top leaders in this country, providing prayer and personal advice to every president starting with Harry S. Truman. In recent years, he took on a reduced role, but still earned the praise of President Donald Trump, who in a tweet after Graham's death called him the "GR...

BREAKING: Nnamdi Kanu is dead

One Of the soldiers who took part in the attack on Nnamdi Kanu’s resident has finally opened up on what happened that night. The soldier who told Edujandon.com that his name is Isa Abubakar, and has left the Nigerian Army since February, Gave us details of what transpired that night, before Nnamdi Kanu sudden disappearance. According to Isa the troop received straight order from Abuja to shoot on sight if Kanu tried anything stupid. He revealed that when the protest fromIPOB members was at it climax, they invaded the house shot Kanu dead and cleaned all possible evidence that could reveal this. Any possible witness was eliminated. Isa said that many people also died that night. But no dead body of possible witness behind left behind by the military. Isa also revealed that the reason why his death was not publicized was because of fear of the ‘reaction and uprising’ that might follow if the Igbo community were made to know of Kanu’s death....

Dont go for second term-Obasanjo tells Buhari

The former President of Nigeria Dr Olusegun Obasanjo has yesterday advised President Muhammadu Buhari not to run for a second term. He accused the President of nepotism, having a poor understanding of politics and engaging in blame games rather than accepting responsibility for his failure. Obasanjo said he worked against his former party, the Peoples Democratic Party (PDP), to help the All Progressives Congress (APC) and Buhari win the last presidential election. But, the situation that made Nigerians to vote, massively for Buhari, he said, is playing itself out again. The former President, who recently bagged a doctorate degree in Christian Theology from the National Open University (NOUN), issued a “Special Press Statement”, titled: The way out: A clarion call for Coalition for Nigeria MovemeNigeriaich he gave the media in Abeokuta, the Ogun State capital. Obasanjo said: “The lice of poor performance in government – poverty, insecurity, poor economic mana...

MY SURE NEWS

Search This Blog