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  Wednesday, January 22, 2020
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Sergei Mavrodi has demanded a new investigation into the case
Sergei Mavrodi, indicted for financial fraud and sentenced to 4.5 years in prison, has demanded a new investigation into the case. "We have filed an appeal to the Moscow City Court and asked to revise the previous verdict passed by Chertanovo district court and order a new investigation," Karina Garibyan, Sergei Mavrodi's lawyer, told Tass on Monday. Mavrodi declared that he disagreed with the court verdict as "too strict, unsubstantiated and illegitimate,” Mavrodi and his lawyers said. On April 28, the Chertanovo district court in Moscow sentenced the founder of the biggest financial pyramid "MMM” in Russia’s history Sergei Mavrodi to a prison term of 4.5 years and administered a fine worth 10,000 roubles in favor of the state. The court obliged Mavrodi to pay more than 20 million roubles to his cheated victims. Mavrodi had been kept in custody for 4.5 years. In accordance with the court verdict passed on April 28 Mavrodi should be released from prison in the end of May. The MMM was the biggest financial pyramid in the early 1990s. During preliminary investigation a total of 10,454 people were recognized victims, while experts put the real number of the cheated investors at around ten million. According to approximate estimates, Sergei Mavrodi and his brother Vyacheslav appropriated around three billion roubles at the expense of the cheated compatriots. Vyacheslav Mavrodi was sentenced to five years in prison in 2003.
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