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

MTN Launches 5G technology: First in Africa

MTN says it has achieved download speeds of more than 20 gigabits per second in its first trial of fifth-generation (5G) technology. “This is the highest achieved on a mobile network in Africa‚” the service provider said in a statement on Monday. It said it was ready to deploy the technology commercially but could not do so until it had access to additional frequency spectrum. The Independent Communications Authority of South Africa‚ which regulates spectrum‚ has not yet allocated spectrum for 4G infrastructure‚ TechCentral reported‚ forcing operators to reallocate 2G and 3G spectrum. Said MTN South Africa chief technology and innovation officer Giovanni Chiarelli: “There is no doubt that 5G will offer the consumer higher speeds and lower latency‚ but to achieve this we need the capacity that comes with additional spectrum. MTN has a 4G license in Nigeria and could look forward deploying the technology in the country in the near future. MTN has collaborated with...

SEE WHY THE WORLD DISRESPECTS AFRICA.

A former American Ambassador to Nigeria has spoken out about why the rest of the world still disrespects the African continent Amb. Walter Carrington (OFR), a former American Ambassador to Nigeria, has said that the failure of Africa to fully realise its potential has earned it scorn rather than respect in the comity of nations. The outspoken diplomat noted that the failure of the continent’s leaders to guarantee socio-political development was robbing it of an enviable place on the global scale. Carrington dissected Africa’s dilemmas in Lagos on Monday when he delivered a lecture titled Nigeria and Africa in a Changing World. The event, which also witnessed the presentation of Defend the Defenseless, the memoir of the ambassador’s wife, Dr. Arese Carrington, attracted many dignitaries from all walks of life. While the former Chairman of Punch Nigeria Limited, Chief Ajibola Ogunshola, was the chairman on the occasion, the Oba of Lagos, HRM Rilwan Akiolu, ...

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...

Mohamed Sallah Makes Real Madrid Decision

Mohamed Salah has no interest in joining Real Madrid this summer, reports in Spain claim. Salah had a sensational season under Jurgen Klopp this year, with the Egypt international netting 44 goals in all competitions. The former Chelsea ace has been tipped to leave Anfield this summer, despite only joining the Reds last year. Real Madrid and Barcelona are chasing the 25-year-old, who won the Premier League Golden Boot this season. However, according to Spanish outlet Diario Gol, Salah will not join Real this summer. They say the Egypt star has no intention of heading to the Bernabeu. Diario Gol add that Salah has not forgiven Real captain Sergio Ramos for injuring him in the Champions League final last month - and the winger wants revenge.

14 Things you will Regret in Old age, stop them now

When younger we make various choices without the future in mind. Sometimes those choices bite us in our mid-life. These are some of the things one might regret when they’re older. 1.THE WRONG PERSON YOU MARRIED TODAY. When you’re young, check your motives for marrying. Don’t marry to copy your peers, or for social standing or out of pressure. Marry for love and companionship, marry the right person, marry your best friend. For if you marry the wrong person or for the wrong reasons, you will have to put up with that person the rest of your life. Things might get worse between you two; then depression, physical abuse, affairs, pain, shame, court cases, bitterness will define your mid-life years all because you chose the wrong one. Things will get worse when children are involved. Make the right choice of a spouse when you are young. 2. THE OPPORTUNITIES TODAY YOU DID NOT SEIZE. When you are younger many doors will open, you will get many chances. Many young people let these oppor...

George Weah former balon d'or winner becomes President of Liberia

Former balon d'or winner George Weah has been voted president of Liberia after clinching 12 of the 15 counties in the west African country. Weah has taken to Twitter to thank all his supporters, saying that he plans to liberate the country. The former AC Milan striker and Liberian international becomes the 25th president of the country and the only former footballer to become president of his country His opponent was 73-year-old Joseph Boakai who has been the vice president of the country for the last 12 years, got only two counties to vote for him. George weah is the only African balon d'or winner in history

MANY DEAD IN NEW ADAMAWA BOMB BLAST

Many people are feared to have died after a bomb blast in Mubi, Adamawa state, after teenage boy detonated his explosives after morning prayers at a mosque. About 30 people are believed to have died in the resulting blast. According to the Adamawa State Police Command, the suicide attack occurred around 5:20am at Kunu Araha, a suburb in Mubi North. “We were made to understand that there was a bomb blast at a mosque in Mubi and over 30 lives were lost. A boy about 17-year-old wearing a suicide vest entered the mosque along with other worshippers. Immediately after the prayers, he detonated the bomb. Many of the wounded are receiving treatment at various hospitals in Mubi North where the attacks occurred around Kunu Araha area” Othman Abubakar, the police spokesman said. However, emergency aid workers and other first responders put the death toll in the attack at 40. An official working with the International Rescue Committee, Emma Adasolid, among the first re...

MY SURE NEWS

Search This Blog