MMM Founder Sergei Mavrodi Buried Secretly In A Closed Coffin

Founder of the most popular Russian MMM Ponzi scheme, Sergei Mavrodi, was buried in a closed coffin at the Troekurovskoe cemetery in Moscow.

The 62-year-old, died in a Moscow hospital on the 26th of March, and the funeral ceremony was held in closed mode on March 31.

At the funeral, only relatives and friends of the entrepreneur arrived, REN TV reports. The territory of the cemetery was cordoned off and guarded, the channel states.

He collapsed at the stop of public transport near the Savelovsky station. An ambulance was called by a passer-by after he complained of weakness and pain in the heart. Mavrodi was hospitalized, but doctors lost him.

It was earlier reported that the body of Sergei Mavrodi was listed as “unclaimed”, as he had no documents. If his identity was not confirmed by relatives and friends, the founder of MMM would be buried in the common grave. However, the body of Mavrodi was taken by his ex-wife.

According to Mavrodi’s lawyer Alexander Molokhov, an initiative group of former MMM participants chipped in to bury him. The brother of Mavrodi, with whom he had bad relations, forbade to bury him in a family graveyard in the Khovanskoe cemetery, where his father and mother were buried.

Sergei Mavrodi is the founder of the MMM joint-stock company, which is considered the classical and largest Ponzi scheme in the history of modern Russia.

According to various estimates, from 2 to 10 million people were affected by MMM’s activities, loosing up to 3 billion rubles ($52.3m).

In 2003, he was convicted of fraud in Russia. The court recognized 10.454 people as victims of the MMM case. After the release, Mavrodi organized new pyramids, but they did not have such huge consequences.

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