This Man Created The Largest Scam In History

Yan is telling the story of Sergei Mavrodi, who is the most controversial figure in Russia.

From the depths of economic upheaval in post-Soviet Russia emerged a figure who would leave an indelible mark on the world of finance and fraud: Sergei Mavrodi. A man of enigmatic charm and audacious ambition, Mavrodi orchestrated one of the largest Ponzi schemes in history, the MMM investment program, which ensnared an estimated 10 to 15 million people and siphoned off billions of rubles from their savings.

The Ponzi scheme he had created literally blew up, producing millions of dollars per day. He was making so much money that he was able to fill up rooms full of cash. By that period of time, Sergei made over 400 billion dollars.

At the time Russia did not have any law prohibiting Ponzi schemes, therefore they were fully legal. The pressure increased when numerous suicides took place as people became bankrupt by putting all of their savings into the Ponzi scheme. In total 50 people committed suicide because this scheme led them to bankruptcy, however, many people assume that this number is at least double as many cases were not recorded.

In 1994, Mavrodi's notoriety reached new heights when he was elected to the State Duma, the lower house of the Russian parliament. His parliamentary immunity shielded him from prosecution for a time, but he was eventually stripped of his mandate in 1996.

In 1997 he actually even tried to run for Presidency in Russia but he was caught trying to forge all of his votes, therefore he was kicked out of the political scene.

Mavrodi's life was a whirlwind of controversy and legal battles. He faced numerous charges of fraud and tax evasion, spending several years in prison. Yet, he remained unapologetic, maintaining that his schemes were not fraudulent but rather ingenious financial innovations.

Don't forget to follow us on Instagram - @financian_

Don't forget to follow us on TikTok - @financian_

#short #shorts