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

NIGERIAN BECOMES BEST GRADUATING MEDICAL STUDENT IN UKRAINE

Oyeleye Abiola, the best graduating medical student at V.N. Karazin Kharkiv National University in Ukraine, was on top of the world, as she delivered the valedictory speech for the day. Abiola who was a student of Osun State University was sponsored to the Ukrainian university by the osun state government of Governor Rauf Aregbesola, to complete her studies there. She scored 95.6 per cent to emerge the best, not just at her university, where she beat 564 other students, but also overall in the whole of Ukraine. The announcement that her score was the best in the entire Ukraine was made at a Pre-Convocation meeting held at V.N. Karazin Kharkiv National University , Kharkov by the President of the university, Prof Vil S. Bakirov. Kharkiv University is the only university in Ukraine that has produced three Nobel Prize laureates. There were 49 other students from Osun state, in her set, sponsored to the school by the Aregbesola administration. They all passed their exa...

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...

Tinubu Slumps and dies in Lagos

The immediate past Chairman of Lagos State Sports Commission and special adviser to Lagos state governor on commerce, Deji Tinubu is dead. According to Thisday, Tinubu who is also a former board member of the Nigeria Football Federation, NFF, slumped and died while playing football at the retreat organised for Lagos Commissioners and Special Advisers with Governor Akinwunmi Ambode present at the event in Epe His family and associates in sports circle has confirmed his death. Tinubu, who was certified healthy during the screening carried out before the start of the novelty games, suddenly collapsed and died. The novelty game was aimed at ensuring none of the government officials had such misfortune. Until his death Thursday, Tinubu was Gov Ambode’s special adviser on commerce. He was to commerce from sports during during the recent cabinet shake up carried out by the Lagos State government.

Forbes Rates Dangote among top 75 most powerful People in the world

INDUSTRIALIST Aliko Dangote has been ranked among 75 most powerful persons on the planet. He is ahead of United States (U.S.) Vice President Mike Pence. Dangote, according to the Forbe’s latest 2018 ranking of the World Powerful people, is ranked among world leaders like Chinese President Xi Jinping, Russian President Vladimir Putin and U.S. President Donald Trump – all of whom were ranked first, second and third. Dangote, who is chairman of Dangote Group, was ranked 66th most powerful person in the world ahead of Pence (ranked 67) and Qamar Javed Bajwa, the highly influential Chief of Army Staff of Pakistan, ranked 68. The Africa’s richest man is the only Nigerian on the list and one of the only two Africans, who made the list with the other being the Egyptian President, Abdel Fattah el-Sisi, who was ranked 45th most powerful. Dangote produces 44 million metric tonness of cement annually across the African continent and still plans...

Champions league: Chelsea fan collapses and dies after 3:0 loss to Barcelona

A Chelsea fan, Emmanuel Offin, known popularly as Nana Yaw has died from collapsing, following his club Chelsea's 3-0 loss to Barcelona in the UEFA Champions League second leg round of 16 clash on Wednesday night. Recall that the La Liga league leaders hammered the Blues 3-0 at Nou Camp after drawing the first leg 1-1 at Stamford Bridge to qualify for the last eight of the competition. Yaw, who is a mobile phone dealer in Ghana, was described as ‘a staunch Chelsea supporter’ by his family members. It was gathered that Yaw died on his way to the house after fainting just minutes after the final whistle in Wednesday’s Champions League clash between Chelsea and Barcelona. Punch reports that a Ghanaian journalist (name withheld) who visited the family house of the late Yaw on Thursday, said that the corpse has been deposited at Konfo Anokye Teaching Hospital Morgue for an autopsy. The report also said that Yaw brother, who spoke on a Ghanaian radio station, said t...

Mark Zuckerberg to Become World 3rd Richest Man

Facebook Inc. co-founder Mark Zuckerberg is poised to leapfrog Warren Buffett to become the world’s third-richest person. Zuckerberg, more than a half-century younger than the Berkshire Hathaway Inc. chairman, is now worth US$81.3 billion, gaining US$8.5 billion this year as Facebook shook off a data-privacy crisis that caused its stock to tumble 18 per cent. Its rebound from a closing low of US$152.22 on March 27 to a record US$201.45 at 9:45 a.m. Wednesday in New York narrowed the gap with Buffett to US$725 million, according to the Bloomberg Billionaires Index. The recovery in Facebook shares has rewarded other insiders as well, including Chief Operating Officer Sheryl Sandberg, who’s now worth US$1.8 billion, and Chief Technology Officer Michael Schroepfer, whose 0.05 per cent holding is valued at US$224 million. Zuckerberg, 34, also trails Amazon.com Inc. founder Jeff Bezos, the world’s richest person with a US$143.6 billion fortune through Tuesday, and M...

NO AUTOMATIC TICKET FOR BUHARI 2019–TINUBU

Asiwaju Bola Tinubu, the National Leader of the APC , says there will be no automatic ticket for President Buhari to run as APC's presidential candidate in 2019 as the party would follow the normal democratic process of conducting a primary to elect its presidential flagbearer. Speaking after a meeting with members of pan-Yoruba group, Afenifere, in Ondo state earlier today, Tinubu said the leadership of the party had not endorsed President Buhari as its sole candidate for the forthcoming presidential election. His statement was against the recent endorsement of President Muhammadu as the sole candidate of the APC for the 2019 election by APC governors. Tinubu's comment comes after Imo state governor, Rochas Okorocha, declared his support for President Buhari to run for a second term in office “No governors can appropriate the power of endorsement to themselves. Buhari is a believer in the process. The Buhari, I know, believes in the rule of law. ...

MY SURE NEWS

Search This Blog