Ex-МММ founder outlines plans for compensating ‘financial pyramid’ victims by yearend

Author: Alex Freedmann Section: Major Events of the Month

Issue: April 2011, Vol. 6, No. 3

Tags: Mavrodi

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Doomed-To-Failure Promise

Sergei Mavrodi, the founder of MMM, the most scandalous financial pyramids in Russia, has announced plans to compensate all his victims by yearend.

Besides, Mavrodi, who has recently formed a new МММ-2011 financial pyramid, also declared readiness to compensate other investors swindled via other financial pyramids such as Hoper-Invest and Vlastelina and owners of frozen ‘pre-reform’ accounts in Soviet Sberbank.

“I’ve repeatedly declared that I’ll pay off all MMM debts. For this purpose, I’ve begun the re-registration of all the MMM-94 investors to estimate the volume of compensations.”