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Sergei Mavrodi and the MMM Scheme Sergei Mavrodi was a Russian businessman and financial fraudster, best known as the founder of the infamous MMM Ponzi scheme. In the early 1990s, following the collapse of the Soviet Union, Mavrodi launched MMM, which promised investors extremely high returns—up to 1000% in a matter of months. MMM operated as a classic Ponzi scheme, using money from new investors to pay returns to earlier ones. It attracted millions of Russians, many of whom invested their life savings in hopes of quick wealth. For a time, MMM seemed successful, and Mavrodi became a household name. However, the system was unsustainable and eventually collapsed in 1994, leaving millions of people with massive financial losses. Mavrodi was arrested and spent several years in prison. Despite this, he attempted to revive MMM multiple times in various countries, often under different names. His schemes continued to exploit people’s hopes and financial desperation. Sergei Mavrodi died in 2018, but the legacy of MMM remains one of the most notorious financial scams in post-Soviet history.