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Infamous Ponzi scheme founder avoids justice

14:15 28/03/2012

MOSCOW, March 28 - RAPSI. The defense attorney of notorious MMM Ponzi scheme founder Sergei Mavrodi told journalists that he knows nothing about the whereabouts of his client.

Mavrodi has been charged with avoiding administrative punishment.

The court ordered to bring Mavrodi to the trial, but the police failed to take him to the hearing on Wednesday.

Mavrodi was earlier in jail for five days for a similar offense.

Moscow's Khamovnichesky District Court received 10 cases against Mavrodi regarding his failure to pay fines. Meanwhile, his defense expects about 300 administrative cases to be submitted against him.

Mavrodi attracted the public's attention after he announced his new MMM-2011 electronic project in early 2011, promising investors a 360 percent return per annum. The new scheme suggested that investors would finance each other and all the operations would run through the Internet. A number of officials and public figures have called the scheme another Mavrodi fraud.

In the early 1990s, millions of people suffered from Mavrodi's MMM Ponzi scheme. He was sentenced to four and a half years in prison for fraud and was released only in May 2007.

The bailiff service earlier reported that Mavrodi's debt to his investors is almost 5 billion rubles ($172.7 million).

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Infamous Ponzi scheme founder avoids justice

14:15 28/03/2012 The defense attorney of notorious MMM Ponzi scheme founder Sergei Mavrodi told journalists that he knows nothing about the whereabouts of his client.
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