MMM which stands for Mavrodi Mondial Moneybox is a scheme which has become extremely popular in many African countries off the back of its claims of 30% of whatever participants pay into it monthly.
Sergey Panteleevich Mavrodi is a known Russian, born in August 11, 1955. He is a Russian criminal and a former deputy of the State Duma. Sergey Panteleevich Mavrodi is the founder of the МММ series of pyramid schemes.
In 2007 Sergei Mavrodi was found guilty in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).
In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid, adding “It is a naked scheme, nothing more … People interact with each other and give each other money. For no reason!. Mavrodi said that his goal with MMM-2011 is to destroy the current financial system, which he considers unfair, which would allow something new to take its place.
MMM-2011 was able to operate openly as Ponzi schemes and financial pyramids are not illegal under Russian law. practically In May 2012 he froze the operation and announced that there would be no more payouts In 2011 he launched a similar scheme in India, called MMM India, again stating clearly that the vehicle is a pyramid.
MMM Global which has been labelled a ponzi scheme is flourishing in Nigeria. This despite China and South Africa banning it and warning their citizens against it. In January the bank accounts of an investor in MMM Global in South Africa were frozen for violating the Consumers’ Protection Act.
Olumide who claims to be a 100+ guider and consultant for MMM Nigeria said that the negative publications about MMM is a conspiracy of some individuals who do not want others to prosper. He said that it is normal for any viable and reliable venture to encounter resistance. An ex-banker with United Bank for Africa, Onyeka Ukasoanya, said that he thinks it all boils down to greed and illiteracy. .
- Sergei Mavrodi Convicted of Fraud in MMM Trial”, by Kevin O’Flynn, The St. Petersburg Times.
- Mavrodi’s Internet-Pyramide Commapsed” (Russian)
- A Scheme With No Off Button” by Catherine Rampell, NY Times
- a b Bigg, Claire (March 15, 2012). “Jailed For Not Paying A Fine, Ponzi Scheme Founder Plots ‘Financial Apocalypse'”.RFE/RL.
- MMM Corporation by Peter Symes
- Money For Nothing”, by Dan Brekke,Wired Magazine, Issue 8.09, Sep 2000
- Appeal of SEC vs. Stock Generation, United States Court of Appeals for the First Circuit
- SG Ltd. (Stock Generation Ltd.) et al.
- Securities and Exchange Commission v. SG Limited et al., (United States District Court for the District of Massachusetts, No. 00-11141-GAO), U.S. Securities and Exchange Commission Litigation Release No.. 18181 / June 9, 2003
- Shuster, Simon (January 15, 2011). “Why is Russia’s Bernie Madoff Back in Business?”. Time Magazine. Retrieved7 September 2012.