MMM (Ponzi scheme company)
1990s Russian Ponzi scheme company / From Wikipedia, the free encyclopedia
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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]
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Quick Facts Native name, Industry ...
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 |
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In 2011, MMM re-opened as "MMM Global".