Sergei Mavrodi, founder of the MMM series of financial pyramid schemes has died of a heart attack in Moscow at the age of 62.
The Russian business was reportedly rushed to the hospital late on March 25 after he felt weakness and pain in the chest area and died several hours later.
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.
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.