It is speculated that MMM Investors money will partly finance Sergei Mavrodi’s Burial.
Sergei Mavrodi, the founder of the giant financial pyramid MMM will be buried for the money of former investors, said his lawyer Alexander Molokhov
“An action group of MMM investors provided the material assistance in the funeral,” Molokhov said. He added that Mavrodi’s ex-wife took the body from the morgue. The funeral venue is kept secret.
According to Molokhov, Mavrodi’s brother said he could not be buried at the family graveyard in the Khovansky Cemetery, where his father and mother are buried. “He had been on bad terms with his brother, they had a fight in mid-1990s over the development prospects of some of the pyramids,” the lawyer explained.
Sergei Mavrodi died of a heart attack at the age of 62. The Telegram Channel Mash reported that no one had come to take the body of the MMMfounder from the morgue for four days. Under to the law, if no one comes for 7 days after the death, the body is to be buried in a common grave at the state expense.
Mavrodi created the biggest financial pyramid in the Russian history in the 90’s. His first project, MMM, ended in prison. Once he got out, Mavrodi established a new Ponzi scheme, MMM-2011. In May 2012, he said there was panic in the system and some issues with the payments, after which he launched MMM-2012 and closed his previous project. The law enforcement authorities reportedly brought new criminal cases against Mavrodi, but the new schemes did not have consequences of the scale of his first project. Mavrodi re-launched MMM in 2015. The Bank of Russia warned investors against investing money in the new scheme.