MOSCOW, September 17 (RIA Novosti)
- Russian Swindler Mavrodi Arrested Over Debts
- Russian fraudster Mavrodi offers to save Belarusian economy
- Police Probe MMM as Pyramid Empire Falls Again
- Fraud Case Opened against MMM-2011 Ponzi Scheme
The founder of the notorious 1990's MMM financial pyramid scheme which bankrupted millions of Russians has formed his own political party.
Sergei Mavrodi's MMM party promised a"fair redistribution of funds" and "their rational use," at its inaugural congress in the western city of Kursk on Sunday.
Mavrodi founded the MMM investment fund, a Ponzi scheme which destroyed the savings of millions of investors when it collapsed in 1994.
He spent four and a half years in prison for MMM's fraudulent activity, but maintains his companies did nothing illegal.
Since his release in 2007, he has launched several similar schemes both in Russia and abroad.
Earlier this year, MMM-related companies in Ukraine and Lithuania came under investigation by the authorities. The Lithuanian authorities closed down an MMM scheme, while the Ukrainian authorities could not find any evidence the new MMM had broken Ukrainian law.
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News that Moscow Mayor Sergei Sobyanin would resign in order to run for the mayoral election in September came as quite a shock. Sobyanin’s political potential is fairly dubious, not to mention his approval ratings. He has not finished many of the projects he initiated and the electoral effect from these projects is expected to come a bit later than September 2013. Sobyanin’s opponents were not entirely unprepared for this blitzkrieg.