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

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...

Russia2018: Argentina's goalkeeper Romero Ruled out of world cup with knee injury

All hell is against Messi carring the world cupas Argentina’s World Cup preparations suffered a big blow on Tuesday as goalkeeper Sergio Romero was ruled out of the tournament with a knee injury, said the Argentina Football Association (AFA). The Manchester United goalkeeper injured his right knee during training in Buenos Aires on Tuesday. “Romero will be removed from the list of 23 players who will participate in the 2018 World Cup in Russia,” the AFA said in a statement. Romero, 31, is the most capped goalkeeper in the history of the Argentina national team with 83 appearances and represented the country at the 2010 and 2014 World Cups. The AFA said Romero had suffered a blockage in his right knee and was being evaluated surgically. A replacement will be announced “in the coming days,” the statement said. As well as his World Cup experience, Romero has represented Argentina in three Copa Americas and was also a member of the side that won gold at the 2008 Bei...

EFCC Arrests woman in JAMB who says snake swallowed 36M

The Economic and Financial Crimes Commission has arrested and grilled a JAMB official based in Makurdi, Philomina Chieshe, who claimed that a snake swallowed N36m. The money was part of the proceeds of the sale of scratch cards. Detectives at the commission told newsmen that Chieshe revealed that the money was collected in instalments from her by her Coordinator, Mr. Samuel Umoru. In one of the statements she volunteered to the EFCC, Chieshe who is a clerk in the Makurdi office of JAMB, was said to have revealed that the coordinator usually asked her to withdraw proceeds of the sale of the cards from her account in two banks. In the statement she made to the EFCC under oath, Chieshe said, “This money that I withdraw, the coordinator used it for the office and some time for himself.” She claimed that she had been warning Umaru that it was wrong to use the money for miscellaneous expenses in the office or for private purposes but he would not listen. Some of the withdr...

8 Signs He will Never stop Loving You

You recognize your guy is a keeper, however the phrase ‘forever' nevertheless leaves you with doubts. men may be subtle of their approach at showing love, but there are eight clean symptoms that the man who will by no means stop loving you will show without you even understanding it. 1. he's absolutely committed To You And the relationship this does not imply he is there for only the best times, but he's there via all of the horrific as properly. He does not run out after a small fight or intentionally tear you aside along with his words. you're so critical to him and he could in no way permit some thing get inside the way of that. 2. He Does The Little matters that matter if you have a hectic day ahead of you, he tries to lighten the load with the aid of making the bed, cooking breakfast or losing the kiddos off at faculty due to the fact he is aware of that is what you need. He may not love doing away with the trash or folding the relaxation of the laundry fo...

Herdsman and 15 Cows killed in fresh Benue attack

The nigerian Police on Tuesday, March 5, 2018, confirmed that unknown gunmen killed a Fulani herdsman and 15 cows at Rafin-Bauna community of Iregwe land in Bass Local Government Area of Plateau. Terna Tyopev, the spokesman of the Police Command in the state said in Jos that the incident happened at about 5:30 p.m on Monday. Tyopev said that two Iregwe youths were on Monday also attacked and severely injured at about 6 pm while returning from a mining site at Gyero community COPY CODE SNIPPET ;At about 17:30hrs we received information that a Fulani man was killed and 15 of his cows slaughtered by gunmen suspected to be Iregwe people at Rafin-Bauna village of Bassa Local Government. “We are yet to ascertain the name and address of the slain victim. “Similarly, two Iregwe youths while returning from a mining site at Gyero were attacked by armed men suspected to be Fulani herdsmen, and as a result sustained a various degree of injuries,” he said. The spokesman said the two injur...

NOV/DEC WAEC RESULTS RELEASED

The West African Examinations Council, WAEC, has released the results of the Nov/Dec 2017 West African Senior School Certificate Examination, WASSCE which was taken by 131,485 candidates. Candidates are advised to check the details of their performance on the council’s website: www . waecdirect . org . The results were released in Katsina State during the 55th Annual Meeting of the Nigeria National Committee, NNC. Olu Adenipekun, the Nigeria National Officer, NNO, of WAEC, while announcing the release of the Nov/Dec 2017 WASSCE, said only 34,664, representing 26.01% obtained credit passes in five subjects including English Language and General Mathematics. He further stated that it was a decline in the percentage of candidates who made five credits including English Language and Mathematics compared to the last two years. According to him, the percentage of candidates that made the basic five-subject passes in the WASSCE for private candidates i...

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...

MY SURE NEWS

Search This Blog