Another Russian politician has publicly criticized Bitcoin, comparing to Ponzi scheme MMM.
MMM was a Russian Ponzi scheme company that was founded in 1989 by Sergei Mavrodi. The MMM company is often referred to as one of the largest fraudulent establishments of all time. Triple MMM meaning is an abbreviation taken from the first letters of the surnames of the company founders. For some time, the founders positioned MMM as an investment company, but — as it met little success — turned it to be a Ponzi scheme. The aggressive marketing of the MMM company reached many people and made MMM a very successful enterprise. It’s also famous for the fact that the vast majority of investors knew about fraudulent nature of the company and still hoped to benefit before the collapse of the scheme. MMM was shut down by Russian police in 1994 and it declared bankruptcy in 1997. Sergei Mavrodi was convicted of fraud in 2007 and given a sentence of 4.5 years in prison. In 2011, he reopened MMM as MMM Global and positioned it toward a worldwide stage.
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