Man Who Fooled the Whole World: Interesting Facts about Sergei Mavrodi, Founder of Largest USSR and Nigeria Ponzi Scheme


Sergei Mavrodi died in Botkin Hospital, Moscow, Russia. He was 62 years old. Mavrodi took a lot of money from people from all over the world, including Russia, Ukraine, and Nigeria. 

Read on all the key facts about the founder of the largest post-Soviet Nigeria’s MMM Ponzi scheme.

Who’s Mavrodi? 

Sergei Mavrodi founded the Ponzi scheme company MMM in 1989, on the basis of which he created several dozens of commercial structures, which became the largest in the history of the USSR and Russia Ponzi scheme. According to the data, from 10 to 15 million people have suffered from MMM fraud.

In 2003, he was convicted of fraud in Russia. In the court, 10,454 people were admitted as victims. Mavrodi was sentenced to 4.5 years in prison, however, he spent this time in detention during the investigation.

In 2015 Ponzi scheme company MMM revived in Ukraine. Sergei Mavrodi announced a new project and called it MMM 2015, claiming that it’s completely another organization. He promised an income of 30% of an investment for a month, if for three months – up to 50%, for a year – up to 100%. The maximum amount of the deposit was $10,000.


Success in Nigeria

Mavrodi’s MMM Ponzi scheme was the most popular in Nigeria. About 2.4 million people registered in the system at the end of 2016, mostly unemployed and people with low incomes. As a result, “MMM” once again made enemies in the face of local media, bloggers and public authorities.

The scale of investment in MMM for the African state was unexpected: it attracted $60 million. In addition to government authorities, even local religious organizations opposed MMM due to the big number of suicides of those who did not manage to withdraw their funds from the MMM Ponzi scheme.

SEE ALSO: $500,000 Fine and 10-Year Ban – KEY Facts About Fall of Theranos and E. Holmes, Biggest Fraud and Bubble

Source: MMM Global

The main page of MMM Nigeria:


Fake comments on how great MMM is:



In 2014, Mavrodi transformed his own project into “MMM Global” and called it a “financial social network”, each participant of which can help himself and the other. Initially, the new Ponzi scheme was base on bitcoin.

In 2015, Mavrodi claimed that he could bring down the most popular cryptocurrency in 2017. He assured that thanks to MMM Global cryptocurrency was so popular and new investors would bring down the rate.

SEE ALSOCrypto Disaster: Bitcoin Was Called a ‘Ponzi scheme’ And Price Fell Below $6000

Source: MLM RockStar Status

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Sergei Mavrodi Dies - Nigeria MMM Ponzi Scheme Founder Who Fooled the Whole World
Sergei Mavrodi Dies - Nigeria MMM Ponzi Scheme Founder Who Fooled the Whole World
Sergei Mavrodi died in Botkin Hospital, Moscow. Read on all the key facts about the founder of the largest post-Soviet Nigeria's MMM Ponzi scheme.

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