One of the Russian Ponzi scheme MMM founder Sergei Mavrodi died of heart attack on Monday, 26th March 2018 at the age of 62.
According to Russia media reports, Mavrodi was rushed to the hospital late on March 25 with pain in his chest and died several hours later.
According to Moskovsky Komsomoletsand RBK of Radiofreeeurope RadioLiberty (Mavrodi Mondial Moneybox) MMM financial pyramid was a typical Ponzi scheme in which earlier investors receive their profits from subsequent investors. Mavrodi promised returns of 20 percent to 75 percent a month, as well as lotteries and bonuses for investors. This scheeme has been going on around 24 years ago in moscow and which lead to him being sentence to some years in the prison
From 2011-2016 Sergei Mavrodi and others start another pyramid scheme called MMM-2011, and the scheme travelled around the developing countries like India, South Africa, Zimbabwe, and Nigeria. And in the year 2016 the scheme collapse and leave many Nigerian in problem. Furthermore many pray and curse him alot because of there loss and his death produce a miss feeling for many.
According to Channels news, The news of his death took some Nigerians by surprise why many others simply posted hilarious comments on Twitter leading to the trend of #SergeyMavrodi. A few others, however, recounted their ordeal after investing in the Ponzi scheme before it eventually crashed in Nigeria.