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Read: Jubilation as MMM Founder Sergei Mavrodi Dies of Heart Attack At 62
Founder of the MMM Ponzi scheme, Sergei Mavrodi, has died of a heart attack at the age of 62. The Russian businessman was reportedly rushed to the hospital late on March 25 with pain in his chest and died several hours later.
Mavrodi started the MMM financial pyramid, a Ponzi scheme that deprived millions of Russians their savings in the 1990s. The scheme promised returns of 20 percent to 75 percent a month for investors.
However, as soon as the number of new clients stopped growing, the pyramid collapsed, causing huge financial losses for at least 10 million people, in some cases leaving them destitute.
The operations collapsed in Nigeria in December 2016, causing investors to lose huge sums and this led to the death of at least 1 Nigerian investor who ingested insecticide because the money he invested in the scheme was the savings meant for his wedding.
Reactions have trailed his death as many feel he died as a result of bad prayers and curses from people that lost their money to the scheme.