#MMM | #Sergei Mavrodi
Sergei Mavrodi, founder of money doubling platform MMM, has died, according to his updated profile on Wikipedia Monday, March 26, 2018.
Born August 11, 1955, the Russian man achieved global fame through his pyramid scheme, which came into being in 1989.
Millions of Nigerians jumped on MMM ship in 2015 when it penetrated Nigerian market in which they later lost billions of Nigerian Naira.
Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million) in 2007.
Mavrodi had severally claimed that he is not the beneficiary of the donations and he is not used to flamboyant lifestyle.
He later claimed MMM scheme is not a business, but a mutual donation program of which there is no law against such.
He was surrounded with several controversies, one of which is public declaration that MMM Global is behind the bitcoin price rally.