Founder of the MMM Pyramid scheme and Russian businessman, Sergei Mavrodi has died from a heart attack.
According to reports, the 62-year old rushed to the hospital on March 25 with pain in his chest, but died several hours later in Moscow as the emergency team failed to save his life.
Mavrodi, whose MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive profits from subsequent investors in the form of mavros, promised a returns of 30 percent a month, as well as 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.
Between 2011 and 2016, Mavrodi launched Ponzi schemes under the MMM brand in India, China, South Africa, Zimbabwe, and Nigeria. The scheme attracted lots of Nigerians who rushed into it as a result of the economic recession that hit Africa. The operations were later shut down in Nigeria.