According to media reports, founder of the MMM series of financial pyramid schemes, Sergei Mavrodi, has died in Moscow.

Mavrodi was taken to a city hospital from a bus stop overnight Monday after he felt weakness and pain in the chest area, reports Moskovsky Komsomolets.

The emergency team has failed to save his life.

“He died this morning,” the report said.

In 2007 Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Mavrodi claimed he is not the beneficiary of the donations and he is not used to flamboyant lifestyle.

His true charges of which he was later convicted of is tax fraud though he claimed that MMM scheme is not a business, but a mutual donation program of which there is no law against such.

NAN