Yury Chikhanchin, the Director of the Federal Financial Monitoring Service in Russia warned nigh the hereafter collapse of the MMM Pyramid Scheme of Sergei Mavrodi inwards China. Mr. Chikhanchin explained the risks at the conference "Risks in addition to Challenges for the economies of the BRICS", wrote TASS. Yury Chikhanchin commented:
"From the media, nosotros know that MMM, amongst Sergei Mavrodi inwards charge, is currently expanding its activeness inwards China. Russian Federation has witnessed the collapse of a like scheme yesteryear Mavrodi inwards the past, in addition to thousands of defrauded investors however cannot recover their money until this day. I'm afraid our Chinese friends volition facial expression upwards the same outcome."
According to Mr. Chikhanchin, the depression degree of fiscal literacy inside the population oftentimes leads to the increase of economic crimes and frauds. However, he believes that this is a occupation non solely for developing countries but besides for mature economies. MMM besides industrial plant inwards Indonesia, South Africa, India, Bangladesh, and Ukraine. On August 1, Sergei Mavrodi held a presentation of MMM inwards the Kingdom of Lesotho, South Africa. Fool me twice
MMM China presents itself every bit a "community of ordinary people who selflessly assist each other" in addition to non every bit an "investment fund amongst higher stakes" which it used to endure inwards Russia, wrote TASS. The scheme promises 30% net turn a profit per calendar month every bit novel fund investors post bitcoins every bit a way of "mutual assistance" to those who became the members of the pyramid earlier them. Previously Sergei Mavrodi stated in the interview to Finance Today’s Izabella Kaminska that he is the human behind the Bitcoin rally inwards the outset of November. She's non the solely one, every bit in that place are another experts who suppose that the recent Bitcoin cost fluctuation could endure caused yesteryear MMM activeness inwards China. Yury Chikhanchin from Russia’s Federal Financial Monitoring Service is non the solely somebody to warn citizens of China in addition to other countries targeted yesteryear MMM nigh the dangers coming from this “transparent” Ponzi scheme. Bobby Lee, the CEO at BTCC issued a alert to his customers in addition to bitcoin investors that BTCC is inwards no way affiliated amongst such schemes. Some people don't change
MMM fellowship founded yesteryear Mavrodi has been recognized as 1 of the largest pyramid schemes inwards Russia. According to experts it had nigh 10-15 1 grand one thousand depositors inwards 1989-1994. After the company's collapse inwards Feb 1994, at to the lowest degree fifty people who deposited their money inwards MMM demand keep committed suicide. The investigation recognized to a greater extent than than 10 grand people to endure the victims of this Ponzi scheme company, but according to some experts the number of defrauded investors is truly closer to 10 million. Mavrodi tried to escape the investigation but was caught inwards Moscow amongst a mistaken ID in addition to arrested inwards Jan 2003. In Apr 2007, the courtroom constitute him guilty of fraud and sentenced him to 4.5 years inwards prison. Author
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