News of the death of MMM founder,  Sergei Mavrodi tricked into the Nigerian cyber space last night.


Mavrodi had run a ponzi scheme which many Nigerians patronized despite warnings from Nigerian Financial institutions.

His death as widely reported on the social media has continued to attract reactions from Nigerians.

Mr. Okechukwu Amadi, one of the participants of Mavrodi’s ponzi scheme in Nigeria said he received the news of the death of the Russian with deep shock.

“ I was shocked when I heard the news of his death. There was no pre information on the state of his health until this sad news”

Another participant in his ponzi scheme, Mr Fred Iwuala recalled his ordeal when the ponzi scheme initiated by the Russian collapsed in Nigeria.

“ it was a terrible experience for me at that time having invested so much in the scheme. I felt like dying when the scheme collapsed and the man in question was said to have eloped to Russia.

It would be recalled that in  2007, Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Mavrodi founded MMM in 1989. He was then elected as member of Russian parliament obtaining a parliamentary immunity. Mavrodi declared MMM bankrupt on December 22, 1997, then disappeared, and was on the run until his arrest in 2003.

On April 28, 2007, a Moscow court sentenced him to four and a half years in a penal colony. The court also fined him 10,000 rubles ($390).


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