Ex-Convict From Russia, Founder Of MMM, Attacks Nigerian Journalists, Bloggers

Ex-Convict From Russia, Founder Of MMM, Attacks Nigerian Journalists, Bloggers

By Ebenezer Olatunji | News Reporter on December 19, 2016
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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

Sergey Mavrodi, founder of the Mavrodi Mondial Moneybox, MMM, an ex-convict from Russia, has written a letter telling Nigerians journalists and bloggers to stop writing, what he called lies, about the pyramid scheme.

In a letter that appeared on the dashboard of the Ponzi scheme participants, Mavrodi wrote that Nigerian journalists should “stop misinforming the public about MMM” and should stop trying to create panic among Nigerians who have invested in the scheme.

He said that journalists have expressed “irresponsibility and cynical attitude” after the platform was frozen earlier in December with money of over 3 million subscribers trapped in the West African country.

“Dear journalists, ‘analysts’ and all kinds of ‘experts!’ Please stop using MMM to gain cheap popularity,” Mavrodi wrote.

“Leave us alone and let us work without interference. I’m just astonished by your irresponsibility and cynical attitude. Interests of millions of people, your fellow citizens are at stake.

“Don’t you have any sympathy for them? Why are you fueling hysteria around MMM and provoking a panic? Why are you doing this so diligently and persistently, what is your purpose?

“In fact, absolutely all your provocative and worthless articles and ‘analyses’ (I said ‘worthless’ because you do not have any real information about what happens in the System, and might have never had; you simply invent everything, fabricate it) are merely negative: ‘MMM has collapsed!!!.. MMM will not be working in January!!!..’ etc.

“Are you intentionally presenting all of it in such a manner and whipping up tension by any means possible in order to increase the ratings of your publications and attract attention to them? Don’t you care about people at all? So, nothing has collapsed, and MMM will safely resume its work in January, as announced. Suspension of work for holidays is a usual thing, merely working moment, no more than that.

“It would have remained a normal, just a part of the usual routine, and might have gone almost unnoticed if it were not for your totally cynical and irresponsible attempts to advertise yourself, create a scandal out of nowhere, and make the most of this news topic in any possible way.

“Again, leave MMM alone and let us work. Nothing has collapsed, and MMM will perfectly resume its work in January. We Can Change the World!,” the letter ended.

Many Nigerians were thrown into panic on Tuesday, December 13, 2016 as the popular pyramid scheme, Mavrodi Mundial Moneybox, MMM, shared a confusing message on its website stating that it has frozen all confirmed Mavros, otherwise known as money due for withdrawal for one month.

According to Wikipedia, МММ was a Russian company that perpetrated one of the world’s largest Ponzi schemes of all time, in the 1990s. By different estimates from 5 to 40 million people lost up to $10 billion. The exact figures are not known even to the founders.

MMM took its name from its founder, Mavrodi. He founded MMM in 1989 and the scheme was declared bankrupt three years later leading to the disappearance of Mavrodi until his arrest in 2003.

He was convicted in 2007 in his home country of defrauding 10,000 investors out of 110 million rubles, the equivalent of $4.3 million. MMM is not his first ‘wonder bank’ creation.

MMM collapsed in Zimbabwe in September 2016 leaving thousands of people, among them civil servants and vendors, with thousands of dollars trapped in the ponzi scheme.

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