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This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. January Learn how and when to remove this template message. Archived from the original on March 16, Retrieved 3 December Archived from the original on 26 September People were perfectly aware that MMM was not a honest company.
Archived from the original on July 26, But like gamblers [ Naive Russian investors have had their fingers badly". Archived from the original on 14 October Archived from the original on 3 December Securities and Exchange Commission. Archived from the original on E - European Advances in Consumer Research. Archived from the original on 15 November Archived from the original on 7 September The New York Times. Archived from the original on 26 May Sergei Mavrodi bilked thousands with his MMM pyramid scheme.
But voters took him at his word again". Scams and confidence tricks. Confidence trick Error account Shill Shyster Sucker list. Con artists Confidence tricks Criminal enterprises, gangs and syndicates Email scams Impostors In the media Film and television Literature Ponzi schemes. In he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle was a pyramid.
In Mavrodi created Stock Generation , [24] [25] allegedly a classic pyramid scheme presented as a "virtual stock market game". It was based around trading non-existent companies' stocks in a form of the "stock exchange game" on the company's site, stockgeneration. Securities and Exchange Commission was unable to cite Stock Generation's founders and owners for securities violations.
However, the United States Court of Appeals reversed this decision in , concluding that the SEC alleged sufficient facts to state a triable claim. Mavrodi died of heart problems at the age of 62 at a hospital in Moscow. In Mavrodi published the book Temptation. In May , bailiffs arrested Mavrodi's rights to this book. Seven thousand copies of the book were published.
From Wikipedia, the free encyclopedia. Sergei Mavrodi Sergei in Retrieved 26 March Retrieved 30 March Retrieved 7 September Russians fall once again for notorious Ponzi scheme". Retrieved 20 September Retrieved 22 October Archived from the original on 2 February Retrieved 25 January SG Limited et al. The New York Times.