Mavrodi

Sergey Mavrodi was a Russian businessman, financier, and politician. He was born on August 22, 1955, and died on March 5, 2000. Mavrodi is best known for his involvement in the MMM Ponzi scheme, which was a massive financial scam that collapsed in 1994.

Mavrodi founded the MMM structure, which was a type of pyramid scheme that promised high returns to investors. The company used a variety of tactics to lure investors, including mass media marketing and the promise of high dividends. However, the company was unsustainable and collapsed when enough investors became aware of its unsustainable nature and withdrew their funds at the same time.

As the scheme collapsed, it left large numbers of people in Russia and other countries with significant financial losses. The collapse of the MMM Ponzi scheme had a significant impact on the Russian economy and contributed to the perception of financial instability during the 1990s.

Mavrodi attempted to run for the Russian Duma in the 1990s, and he was elected to parliament in 1995. However, he was expelled from parliament in 2000 when he was convicted of tax evasion. Mavrodi died while awaiting sentencing after his conviction. Despite his involvement in the MMM Ponzi scheme, Mavrodi's legacy is a subject of debate, with some viewing him as a visionary business leader and others as a charlatan who ruined the lives of countless people.