MOSCOW, September 8 (RIA Novosti) - Filming has started in Moscow on a movie that tells the story of the 1990s MMM pyramid scheme that robbed millions of Russians of their life savings.
One of the world's largest pyramid schemes, MMM sold shares to the public, promising spectacular returns in an aggressive advertising campaign on national television. According to different assessments, between 2 million and 5 million people bought MMM shares, and lost as much as $1.5 billion.
The company collected millions of dollars a day in its heyday, paying dividends with money from new share sales. When the company eventually collapsed, dozens of people were reported to have committed suicide.
The founder of the scheme, Sergei Mavrodi, was released from jail in 2007 after serving four and a half years on fraud charges.
The film - PyraMMMid - is being directed by Eldar Salavatov and is based on Mavrodi's autobiography. It stars Alexei Serebryakov.
The head of the Leopolis film production company told RIA Novosti the movie is "mostly based on the facts of the MMM pyramid case" but would also contain some fictional elements.
The film is due for release in April 2010.
