Sergei Panteleevich Mavrodi Russian: The charge of which he was later convicted was tax fraud [4] though he claimed that the MMM scheme was not a business, but instead a mutual donation program which there is no law against.
Mavrodi was born in Moscow. His mother is Russian. His father is half Greek therefore his name is Mavrodihalf Ukrainian [7]. During his childhood he was diagnosed with a bilateral heart defect. In Mavrodi founded MMM. In Mavrodi was elected deputy of State Duma obtaining parliamentary immunityjust three weeks after he was released from prison. He ran in a by-election in the Mytishchinsky District to replace deputy Andrei Aidzerdzis, who was gunned down earlier that year.
Mavrodi declared MMM bankrupt on 22 Decemberthen disappeared, and was on the run until his arrest in On 28 Aprila Moscow court sentenced him to four and a half years in a penal colony. In JanuaryMavrodi launched another pyramid scheme called MMM, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding "It is a naked scheme, nothing more People interact with each other and give each other money.
MMM was able to function openly as Ponzi schemes and financial pyramids are not illegal under Russian law. 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 inconcluding 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 Maybailiffs 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. Retrieved 27 March Retrieved from " https: Views Read Edit View history. In other projects Wikimedia Commons. This page was last edited on 1 Mayat By using this site, you agree to the Terms of Use and Privacy Policy.
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