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Reading: Founder of MMM Pyramid Sergei Mavrodi Dies In Moscow
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Founder of MMM Pyramid Sergei Mavrodi Dies In Moscow

Farouk Mohammed
By Farouk Mohammed
Published: March 26, 2018
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Former member of the Russian Duma and one of the most prominent fraudsters in Russia’s modern history, Sergei Mavrodi has reportedly died at the age of 62 at a Moscow hospital on Monday, Russian media report.

In 2007, Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Mavrodi founded MMM in 1989. He was then elected as member of Russian parliament obtaining a parliamentary immunity. Mavrodi declared MMM bankrupt on December 22, 1997, then disappeared, and was on the run until his arrest in 2003.

On April 28, 2007, a Moscow court sentenced him to four and a half years in a penal colony. The court also fined him 10,000 rubles ($390).

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
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