MMM (Ponzi scheme company)
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 |
МММ was a Russian company that perpetrated one of the world's largest Ponzi schemes of all time, in the 1990s. By different estimates, between 5 and 10 million people lost their savings. 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.
In 2011, MMM re-opened as "MMM Global".