Facts You Didn’t Know About MMM Founder Mavrodi Who Died of Heart Attack at 62
Russian businessman and founder of MMM, Sergey Mavrodi’s death would come as a rude shock to many around the world, especially to those who participated in the Ponzi scheme that cost many Nigerians their investments.
Childhood, young years, and the first arrest
We will reveal several facts from the life of Sergey Mavrodi:
- He was born on August 11, 1955 in the capital of Russia, Moscow.
- What’s the nationality of Sergey Mavrodi? This is a difficult question. His dad was from Donbass, had Ukrainian and Greek roots (the surname in Greek means “black” or “dark”). Mother was Russian.
- He was a very sickly child, Sergey had problems with the heart. Doctors predicted that he would not be able to reach eighteen years old. However, he did and even managed to make his name extremely popular all over the world.
- He finished the 10th grade in Moscow.
- After graduation, he studied mathematics at the Moscow Institute of Electronics and Mathematics, MIEM.
- Then he worked in a research institute.
- As a student he constructed and sold video and audio recordings.
- In 1981, he left the research institute and decided to continue doing business.
- To avoid being prosecuted, he worked on low-paid but time-saving jobs.
- Two years later, Sergey Mavrodi was arrested by the Anti-Corruption Squad for selling illegal video. He was arrested for ten days, then he was released under an amnesty with a strict warning.
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Foundation of MMM and second arrest
When was the first MMM company founded by Sergey Mavrodi?
It happened in 1989. Since then, he had created several dozen enterprises, which by the mid-1990s became a large financial pyramid. In August 1994, he was arrested for concealing taxes on the profits of his company, Invest-Consulting. In October the same year, he was released from custody because of change in the preventive measure.
On October 30, 1994, Mavrodi was elected a deputy gaining 29% of the vote in the State of Russia. Nevertheless, he neglected his duties as a deputy and continued to engage in commercial activities. Investigative actions against Mavrodi resumed, and one more charge was added to the previous – fraud.
Sergey Mavrodi had a wife, her name is Elena Pavlyuchenko. They were together for 12 years, from 1993 to 2005. She was a model and winner of two beauty contests in 1992 and 1994. Elena Pavlyuchenko was born in Ukraine, Zaporozhye. Her mother was an engineer and father was doctor of science at a research institute. People say that the family life of Sergey Mavrodi was far from traditional. The spouses lived in different apartments and met only to spend time together. After their divorce in 2006, Elena gave birth to their daughter.
On 17th December 1997, he was announced a swindler in the all-Russian, and a bit later – in the world search. For about five years he lived in rented apartments and confinements. One version of reports says he lived for a long time in Scandinavia or Greece. The media also suggested that the businessman did not leave the capital at all.
Later, according to criminal investigation, it became known that the detainee had been in Moscow for the last year before his arrest. However, the fugitive entrepreneur did not stop his financial activities: in 1997 he opened a new financial pyramid on the internet – Stock Generation, whose victims were at least 275 thousand people (exact figures are unknown), mainly from the USA, as well as from Canada, Australia, Great Britain, The Scandinavian, and Baltic states.
In August 1994, Mavrodi was arrested for concealing taxes on the profits of his company
On the 28th of April 2007, Mavrodi was sentenced to 4 years and 6 six months imprisonment with serving in a general regime colony. However, almost all the term was spent at the pretrial detention center. As an additional measure of punishment, the court established a fine of 10,000 rubles.
In December 1997, he was announced a swindler in the all-Russian
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