Posted on 04/27/2007 12:55:38 AM PDT by eastern
Tuesday the Russians could watch justice at work: Sergey Mavrodi, founding father of the biggest economic “bubble” MMM in the modern history of Russia had to face the sentence.
16 June, 1993 Sergey Mavrodi founded a so-called commercial company MMM, which turned out to become an extraordinary huge financial pyramid. According to the case papers, Mavrodi under the name of MMM issued 991 thousand shares with face-value of 1000 rubles, but the real amount of shares sold to the population was three of four times bigger. A great role in this story played Russian mass media: MMM produced several TV commercials convincing people of the need to acquire the shares doubling their cost within two or three weeks. Most citizens unsophisticated in new marketing technologies that Mavrodi used bought shares, since they believed in better life coming with post-Soviet changes.
(Excerpt) Read more at russia-ic.com ...
Sounds like our Social Security.
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