Russian pyramid fraudster founds own party
The convicted founder of the notorious 1990's MMM financial pyramid scheme which bankrupted millions of Russians has founded his own political party, RIA Novosti reported.
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 have done 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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