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

2019: Kanu Nwanwko to run for Presidency.

Nigerian football legend, and one time African footballer of the year, Nwankwo Kanu has announced he will run for President of Nigeria in 2019 The former Arsenal FC and Inter Milan forward said he was inspired to aspire for presidency by the feat attained by George Weah.. Recall that Weah, who had a very successful football career in Europe, was elected President in 2017 elections after defeating the incumbent Vice President Joseph Boakai, and sworn in on 22 January 2018. In an interview with Goal.com, Kanu said: “My presence here today is about the future of our country and the happiness of our people. “The last 18 years of leadership has witnessed a decline in all critical sectors of life in Nigeria, plus general insecurity in the land.” “Also, I’ll do all it takes to wrestle corruption which has become blatant and widespread. The rest of the world looks at Nigeria as the home of corruption,” Kanu, who also had a successful career in Europe, added. ...

5 Things Women Love More than 6 Packs

Many men have always been made to believe that women see them as attractive with how well built their bodies are, which has never been true. Ladies have their different ideas of what makes a man attractive. Men can be attractive in other many ways. Depending on which type of a woman you are dating, here are five things that will make a man attractive other than physical attributes Like Handsomeness and 6-pack 1. GOOD MANNERS. There are many things that could tell people about your manners. Men with good manner are attractive in our today’s world. A well-mannered man is a sure bet in life, who will never hurt his woman knowingly. This is the type of man every woman wants to be with. 2. PURPOSE . Life is always about having a purpose. This will simply mean you have direction in your life. having a purpose is the best thing every woman wants in her man since she is sure of a good life tomorrow. Have a business, a project or some work you do for a living. Th...

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...

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. ...

TEACHERS FAIL APTITUDE TEST IN LAGOS

The Teachers Registration Council of Nigeria, TRCN, Lagos State, on Monday said about 51 teachers did fail the Professional Qualifying Examination, PQE, conducted by the council on 14th of october Gbolahan Enilolobo, the state coordinator of the council, disclosed that 412 teachers sat for the maiden edition of the examination. He said the failure of the teachers was mainly because they were not conversant with the use of the computer, adding that many of them are not digitally compliant. The TRCN had on October 14 conducted the examination for the teachers, through Computer Based Test, CBT. The examination was to qualify the successful teachers to register as professionals and be licensed with the council. According to Enilolobo, the unsuccessful teachers will have to re-register for the examination, and after three consecutive attempts, if they still fail, they will be disqualified. “About three of the teachers exited without even completing the examination, indi...

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...

MY SURE NEWS

Search This Blog