Founder of MMM financial pyramid Sergei Mavrodi dies in Moscow

Sergei Mavrodi, former member of the Russian Duma and one of the
most prominent fraudsters in Russia’s modern history, has
reportedly died at the age of 62 at a Moscow hospital on Monday,
Russian media report.

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).

Sergei Mavrodi, former member of the Russian Duma and one of the
most prominent fraudsters in Russia’s modern history, has
reportedly died at the age of 62 at a Moscow hospital on Monday,
Russian media report.

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).