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Banknotes.com - The Bank Note Collector's Store :: World Banknotes - R :: Russia :: Russia 50 Biletov MMM (1989-94) (VI 21274xx) UNC

Russia 50 Biletov MMM (1989-94) (VI 21274xx) UNC
Russia 50 Biletov MMM (1989-94) (VI 21274xx) UNC 
50 Biletov 1989-1994 (Obverse: Portrait of Sergei Panteleevich Mavrodi, founder of the financial pyramid (Ponzi scheme), which ruined millions of investors during the early 1990s. Reverse: "MMM" logo. Watermark: Labyrinth pattern. Security features: Watermarked paper. Security fibers (hairs) and a large "MMM" company logo that fluoresce when exposed to an ultraviolet light) MMM pyramid scheme certificate bond. Partially engraved print (Serial Nos: VI 21274xx) UNC

Dimensions: 127 x 60 mm

MMM was the company that perpetrated the largest pyramid scheme in Russia in the 1990s and then globally until 2018. It involved millions of people around the world and possibly collected an amount of money equivalent to as much as 1.5 billion U.S. dollars. The company was established in 1989 by Sergey Panteleevich Mavrodi, his brother Vyacheslav Mavrodi, and Marina Muravieva, Vyacheslav's future wife (the name of the company was an abbreviation of the three founders' surnames).

In January 2011, Mavrodi launched another pyramid scheme called MMM-2011, asking investors to buy so-called Mavro currency units. He frankly described it as a pyramid. Mavrodi said that his goal with MMM-2011 was to destroy the current financial system, which he considered to be unfair. Apart from Russian Federation Sergey Mavrodi has also ran his operations in India, China, several African countries and in Europe as well as in North America. Sergej Mavrodi died of heart problems in 2018 at the age of 62 at a hospital in Moscow. His funeral was funded by the investors of the MMM-2011 pyramid scheme.

LARGER SAMPLE PHOTO: CLICK HERE

Catalogue Number: none

Grade/condition: Uncirculated (UNC) (new, unused, mint)

Details
 
Product Code: RU-SM4A
Price: US$1.50 ( 1.35)

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