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Sergei Mavrodi has been put into isolation ward
The founder of the notorious MMM financial pyramid Sergei Mavrodi, due to be released from prison later this month, has been put into isolation ward, his lawyer Olga Makarova told Itar-Tass on Thursday. "We don't know the reasons behind Mavrodi's being put in an isolation ward, but we've been notified that he'll stay there until the end of this month," Makarova said. She did not rule out that the measure might have followed a violation of regulations by Mavrodi or because of the considerations for his safety. On April 28, a court sentenced him to 4.5 years in prison for fraud, and ordered him to pay more than 20 million roubles of compensations to cheated investors. Mavrodi has been in custody for more than four years. The case against him comprised some 610 volumes. Many pensioners, conned out of their money in the MMM scheme, were attending court hearings. During preliminary investigation, 10,454 people were recognized as injured parties, but experts said the number of defrauded investors had reached ten million. According to preliminary estimates, Mavrodi and his brother Vyacheslav earned some three billion roubles. In 2003, a court sentenced Mavrodi Jr to five yeas in jail. After the collapse of MMM in 1995, Sergei Mavrodi fled abroad and was put on the international wanted list. He was detained in Moscow on January 31, 2003, where he lived under a fake passport. Three criminal cases were investigated against him: over counterfeiting of documents, fraud, and tax evasion. On December 2, 2003, a court sentenced Mavrodi to 13 months for complicity in counterfeiting of passport. The second criminal case - over 8.5 billion of non-denominated roubles in back taxes - was scrapped because of the statute of limitation.
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