“The emergency team has failed to save his life. He died this morning,” Russia Media reports.
Mavrodi’s 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.
According to various estimates, the number of victims of the MMM was about 10-15 million people in China, Zimbabwe, South Africa and Nigeria.