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  Sunday, September 15, 2019
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The Moscow City Court has left in force a sentence to Sergei Mavrodi
The Moscow City Court has left in force a sentence to Sergei Mavrodi, who was convicted for fraud. The court thus turned down a complaint from his lawyers. On April 24, the Chertanovsky court of Moscow sentenced Mavrodi to four and a half years in prison for fraud and to a 10,000-rouble fine. The court also ordered Mavrodi to pay 20 million roubles to people whom he defrauded of money in an MMM pyramid scheme. He spent the term in Moscow’s pretrial detention prison Matrosskaya Tishina and was freed on May 22. According to the sentence, Mavrodi established numerous MMM-controlled companies, including MMM Kontak, Delta M and SV 1, that “allowed the defendants to create the largest financial pyramid in Moscow”. He controlled the companies, their assets and property, and the MMM scheme helped him move money of deceived depositors. The company MMM that operated in the early 1990s proved the largest “financial pyramid” in Russia’s history. During the preliminary investigation, 10,400 people were recognized as victims of the scheme. Mavrodi and his younger brother Vyacheslav made about 3 billion roubles. Court sentenced Mavrodi junior to five years in prison in 2003. After the crash of the pyramid in 1995, Sergei Mavrodi went abroad and was put in the international wanted list. He was arrested in January 2003 in Moscow, where he lived with a false passport. Criminal cases were instituted against him on charges of fraud, forgery of documents and tax evasion. Court sentenced him to 13 months in prison in 2003 for involvement in passport forgery. The tax evasion case was stopped on the grounds of the statute of limitation. In this year’s June, the State Duma lower house of parliament asked the Prosecutor-General’s Office to check results of investigation of tge case against Mavrodi. State Duma deputy Gennady Gudkov said it was an impermissible fact that Mavrodi “declared the establishment of a new MMM practically immediately after walking out from custody”.
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