Sergei Mavrodi, a male behind a biggest Ponzi intrigue in Russian history, pronounced on Saturday that his new plan a MMM-2011 had collapsed and there is no income adequate to be returned to all a depositors.
“It’s required to face a law – it’s unfit to run a MMM-2011 anymore…There is naturally not adequate income for everybody in a pyramid so a MMM-2012 [Mavrodi’s new ponzi scheme] will help…We will take some income from it,” Mavrodi pronounced in a video matter posted on his web site.
The MMM-2011 (the 3 letters mount for “We Can Do a Lot” in Russia), that Mavrodi desribed as a “financial amicable network,”used a WebMoney online remuneration complement to concede investors to buy tickets that work like shares, though have no genuine value. The project’s designer has betrothed investors earnings of 20-30 percent per month.
Mavrodi, 56, became a national luminary in a early 1990s, when he orderly and aggressively promoted his MMM corner batch company, that incited out to be a Ponzi intrigue that deprived 10 to 15 million investors of approximately $1.5 billion.
Though a MMM went bust in 1994, Mavrodi successfully avoided detain until 2003, when he was incarcerated in downtown Moscow. He served 4 1/2 years in prison, walking out in 2007.
Last year, he launched a new business venture, a MMM-2011, categorically dubbing it a “financial pyramid.” The plan was not strictly purebred as a association or organization, that prevented financial authorities from ascent a authorised crackdown on it notwithstanding their frequently uttered wishes to do so.
Mavrodi’s counsel claimed there are no authorised drift for charging his customer given he was usually MMM-2011’s “advisor” – “a chairman who gave private recommendations.”
According to a MMM-2011’s web site, over 35 million people have invested their income to a project.