Sergei Mavrodi, founder of money doubling platform MMM, has died, according to his updated profile on Wikipedia Monday, March 26, 2018.
Born August 11, 1955, the Russian man achieved global fame through his pyramid scheme, which came into being in 1989.
Millions of Nigerians jumped on MMM ship in 2015 when it penetrated Nigerian market in which they later lost billions of Nigerian Naira.
Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million) in 2007.
Mavrodi had severally claimed that he is not the beneficiary of the donations and he is not used to flamboyant lifestyle.
He later claimed MMM scheme is not a business, but a mutual donation program of which there is no law against such.
He was surrounded with several controversies, one of which is public declaration that MMM Global is behind the bitcoin price rally.
Before his death, specifically in December 2016, the MMM founder has berated Nigeria’s government over what he described as an unnecessary warning to participants.
MMM founder, Sergey Mavrodi, blasts FG, says Nigerians are aware of MMM risk
MMM god-father, Sergey Mavrodi, has berated Nigerian government over the authority’s constant attack on the scheme which is waging stronger among Nigerian people.
In an open letter Sergey Mavrodi says Nigerian government is ignorant of the scheme, and called on it to allow MMM-Nigeria to alleviate the suffering of Nigerian masses.
He says participants from Nigerian are aware of the risk involved in the scheme, “You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones?
“They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.”
Read Sergey Mavrodi’s letter to Nigerian Federal Government.
So far MMM has come under a constant attack from you. In this regard, I would like to ask you a few simple questions. Since you are concerned with the interests of millions of your fellow citizens, I hope that you would be so kind to answer them.
- What are you trying to get? Do you want the MMM System to collapse and millions of people to suffer?
Who will support them then if now MMM is their only means of livelihood? Will you? You even don’t pay wages to people?
Or might you not care about them? Might you be using a trendy topic to make a good name for yourselves?
What will you say to a mother who will have no money to buy food for her child? Will you let her child die for the sake of the higher interests of the economy?
- You say that MMM is a scam. What is the scam here, if all members are warned in advance about all the risks, the possible and impossible ones?
They know there are no investments at all. The warning is a red text on a yellow background placed on most prominent place of the website.
- You say that MMM is bad. Why? Yes, it produces nothing, but nothing gets out of the country either. The money is just redistributed among the citizens of Nigeria. It gets from those who are richer to poorer ones, in this way restoring social justice. What””s wrong with that?
- You have repeatedly stated that “it should be investigated!.. researched!..” It means you know nothing about this System yet; you even haven’t understood how it works. Isn’t it completely irresponsible of you to make all these allegations and play with the lives of millions of ordinary people?
- And finally. If you know what is right for people, why is the life so bad in the country?
P.S. As for your statement that “everything will collapse soon”. The system has been working in Nigeria for a year, and according to your estimates, the total number of members now is about 3 million people. In Nigeria the population is approximately 195 million. Can you calculate? Will it be “soon”? :-))
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