Support The Moscow Times!

Mavrodi Seeks Western Investors

Founder of financial pyramid company MMM-2011 Sergei Mavrodi has launched a new site to attract Western investors, RBK reported.

The new site,, is accessible in English, German, Lithuanian, Polish and Russian and offers the services of 14 agents in Lithuania, Britain, Norway and the Czech Republic.

Mavrodi was behind a pyramid scheme in the 1990s called MMM and served 4 1/2 years in prison for criminal fraud.

In an interview published in Izvestia earlier this week, Mavrodi explained that his new company needed to expand.

"Right now we don't have a strong enough presence in the West, although 20 million people are part of our structure," he said.

"But in the near future, we'll make a breakthrough. A massive ad campaign in the Western media is planned," Mavrodi said.

Mavrodi was not so successful with promotions in Russia, Ukraine and Estonia, where advertisements for pyramid schemes were declared illegal.

Experts expressed skepticism about the push westward, citing the shaky world economy and the higher level of financial sophistication of Western customers.

"Most of the people investing in the pyramid scheme are pensioners, who as a rule are suffering from the economic crisis," former Latvian politician Yury Sokolovsky told Izvestia.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.


Read more