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Native name | Акционерное общество «МММ» |
|---|---|
| Industry | Office Equipment importer (1989-early 1990s) Ponzi Scheme initiator (1992 onwards) |
| Founded | 1989 |
| Founder | Sergei Mavrodi |
| Defunct | 2004 |
| Fate | Shut down by Russian police in 1994, declared bankruptcy in 1997, reopened in 2011 as MMM Global |
| Headquarters | Russia |
Key people | Sergei Mavrodi |
МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s.[1][2] By different estimates from 5 to 10 million people lost their savings.[3] According to contemporary Western press reports, most investors were aware of the fraudulent nature of the scheme, but still hoped to profit from it by withdrawing money before it collapsed.[4][5]
In 2011, MMM re-opened as "MMM Global".
- ^ Transitions Online Archived 2007-04-12 at the Wayback Machine accessed April 12, 2007
- ^ Bigg, Claire (March 15, 2012). "Jailed For Not Paying A Fine, Ponzi Scheme Founder Plots 'Financial Apocalypse'". RFE/RL. Archived from the original on March 16, 2012.
- ^ "MMM's Mavrodi Voted Into Duma". The Moscow Times. November 1, 1994. Archived from the original on 3 December 2017. Retrieved 3 December 2017.
MMM collapsed in July, swallowing the savings of an estimated 5 million to 10 million investors
- ^ Cite error: The named reference
csburnwas invoked but never defined (see the help page). - ^ "Russian Investors Entered Stock Scheme With Eyes Wide Open". Chicago Tribune. July 31, 1994. Archived from the original on July 26, 2013.
But like gamblers [...], MMM's players thought they were smart enough to win big before the inevitable bust occurred