The founder of MMM, Sergei Mavrodi has been found dead of a heart attack at the age of 62.
The Russian company was known as one of the largest ponzi schemes to ever be established on the face of the earth.
The reports come from the Russian media who also reported that the 62-year-old was rushed to the hospital late on March 25 with pain in his chest and died several hours later.
“The emergency team has failed to save his life. He died this morning,” the report said.
MMM was very successful in Nigeria and many Nigerians partook in the Ponzi scheme, but many were left with crushed hopes, empty accounts and even suicidal thoughts after the scheme fell apart in Nigeria in 2016, leaving some Nigerians utterly devastated.
Sergei Mavrodi created the company “MMM” in 1992. It rose quickly and very soon it became the largest financial pyramid in the history of Russia.
The income of the members who joined it was paid out of the contributions of new arrivals, and when the flow of customers ceased to grow, non-payments began.
According to various estimates, the number of victims of MMM has reached 10-15 million people.
In 1994, Mavrodi was elected into Russian parliament, in 2007 a Moscow court found him guilty of financial fraud and was sentenced to 4.5 years in prison