Popular Ponzi Scheme, MMM Finally Shuts Down Completely

Popular Ponzi Scheme, MMM Finally Shuts Down Completely

By Wires Editor | The Trent on April 8, 2018
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MMM Nigeria, financial pyramid, Sergei Mavrodi
The founder of the MMM financial pyramid, Sergei Mavrodi, leaves Matrosskaya Tishina prison on May 22, 2007 in Moscow, Russia. Mavrodi was the founder of a scheme that defrauded more than a million Russians of their life savings. | Getty Images

Mavrodi Mundial Moneybox, MMM, Ponzi scheme which collapsed over a year ago in some countries, including Nigeria has finally shut down.

Mavrodi launched his controversial scheme in 2011 and crashed in Nigeria in December 2016; with millions of Naira belonging to Nigerians still missing.

The Ponzi scheme in a Statement on its official website on Friday, April 6, 2018, said they were shutting down due to the death of the founder, Sergey Mavrodi, who died on March 26, 2018.

The statement reads, ” Dear participants, after much deliberation, we have made the conclusion that continuing the System operation, without our leader and ideological inspire, is impossible and makes no sense. We all carried out the tasks he assigned to us, since we had no doubt in his genius and rightness of the path he had chosen. We are firmly aware of the fact that none of us has a full view of his conception’s profoundness and sequence of all the actions to achieve a final goal, declared in the “MMM’s Ideology”.

”Sergey Mavrodi’s broadmindedness scale is unprecedented. Therefore any attempts to continue the System operation without him are bound to fail. We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts.

”In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.”

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