Breaking: MMM founder Sergey Mavrodi dies of heart attack in Moscow hospital

Breaking: MMM founder Sergey Mavrodi dies of heart attack in Moscow hospital

Sergey Mavrodi, the founder of MMM, a
Russian company that perpetrated one of the
world's largest Ponzi schemes of all time, is
dead.

According to a report by Moskovsky Komsomolets, the founder of the MMM
series of financial pyramid schemes, Mavrodi, died in Moscow.

NATIONAL FOCUS gathered that Mavrodi was
taken to a city hospital from a bus stop overnight Monday, March 26, after he felt weakness and pain in the chest area.

"The emergency team has failed to save his life. He died this morning," the report said.

The preliminary cause of death is a heart attack.
Sergei Mavrodi was convicted in a Russian court of defrauding 10,000
investors out of 110 million rubles ($4.3million).

Mavrodi claimed he is not the beneficiary of the donations and he is not
used to flamboyant lifestyle.

His true charges of which he was later convicted of is tax fraud though he
claimed that MMM scheme is not a business, but a mutual donation program
of which there is no law against such.

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