What year did MMM crash?

What year did MMM crash?

December 2016
By January 2017, hundreds of other similar Ponzi schemes jumped into the ever-widening Ponzi industry in Nigeria, amid reports that MMM had crashed in December 2016.

What is MMM in India?

Mavrodi Mondial Moneybox India or MMM India, a multi-level marketing (MLM) or a Ponzi (pure money circulation) scheme set up by Sergei Panteleevich Mavrodi, a Russian businessman and financier, is spreading its wing in India, especially in rural areas.

How long did MMM last for?

However, the success didn’t last for long. Eventually, the company was shut down in 1994 and it declared bankruptcy in 1997. Unfortunately, everything didn’t end here. After 14 years, the company reopened as “MMM Global.” Here’s where the story of MMM and Nigeria started.

What is MMM investment?

Mavrodi Mundial Moneybox (MMM), the Russian-founded Ponzi scheme which wrecked the lives of so many Nigerians in 2017 is back in business. Apparently, some Nigerians never learned anything from their past experience because they are buying into yet again.

When did MMM enter Nigeria?

The experience of many Nigerians with the Mavrodi Mondial Movement (MMM) ponzi scheme is far from over. The scheme, with subsidiaries in up to 110 countries, was first launched in Nigeria in 2016.

Who founded MMM?

Sergei Mavrodi
Vyacheslav MavrodiOlga Melnikova

What happened to Mavrodi?

Death. Mavrodi died of heart problems at the age of 62 at a hospital in Moscow.

Who owned MMM?

МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s….MMM (Ponzi scheme company)

Native name Акционерное общество «МММ»
Founded 1989
Founder Sergei Mavrodi
Defunct 2004
Fate Shut down by Russian police in 1994, declared bankruptcy in 1997, reopened in 2011 as MMM Global

Where is Sergey Mavrodi?

Is Mavrodi alive?

March 26, 2018Sergei Mavrodi / Date of death

What happened to MMM scheme?

By different estimates from 5 to 10 million people lost their savings. According to contemporary Western press reports, most investors were aware of the fraudulent nature of the scheme, but still hoped to profit from it by withdrawing money before it collapsed. In 2011, MMM re-opened as “MMM Global”.

Is MMM still working in Nigeria?

The scheme had announced a shut down in April 2018 following the death of Sergei Mavrodi, its founder. “After much deliberation, we have made the conclusion that continuing the system operation, without our leader and ideological inspirer, is impossible and makes no sense,” a message on MMM Nigeria website had read.