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MMM ponzi scheme founder is dead

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MMM founder

The renowned largest ponzi scheme founder of MMM Sergey Mavrodi, a Russian company that ran one of the world’s , is dead.

According to a report by Moskovsky Komsomolets, the founder of the MMM series of financial pyramid schemes, Mavrodi, died in Moscow at the age of 62.

Mavrodi was taken to a city hospital from a bus stop overnight Monday, March 26, after he felt weakness and pain in the chest area.

MMM Nigeria founder is dead

“The emergency team has failed to save his life. He died this morning,” the report said.

Sergei Mavrodi created the company “MMM” in 1992. It quickly gained popularity and became the largest financial pyramid in the history of Russia.

The income of the members who joined it was paid out of the contributions of new arrivals, and when the flow of customers ceased to grow, non-payments began.

According to various estimates, the number of victims of MMM has reached 10-15 million people.

In 1994, Mavrodi became a member of the Russian parliament. Then he announced that he was giving up his privileges: salaries and cars. Mavrodi stressed that he became a deputy only for the sake of immunity.

Two years later, before the presidential elections in 1996, he was stripped of his mandate.

In 2007, Mavrodi was sentenced to 4.5 years in prison for defrauding 10,000 investors out of 110 million rubles ($4.3 million). All this time, he left during the preliminary detention while the investigation was conducted.

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 programme of which there is no law against such.

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Rotimi Amaechi gets another appointment from Buhari

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Rotimi Amaechi gets another appointment from Buhari

President Muhammadu Buhari has approved the appointment of the Minister of Transportation, Rotimi Amaechi as the Secretary/Director General of his campaign team.

This was contained in a statement signed by Buhari’s spokesperson, Garba Shehu, on Thursday.

A terse statement said Amaechi will subsequently appoint other members of the Buhari-Osinbajo Presidential Campaign team.

The statement reads, “President Muhammadu Buhari has approved the appointment of a campaign organization for his re-election in 2019 with Hon. Chibuike Rotimi Amaechi as Secretary.

“Hon. Amaechi was the Director General of the Buhari-Osinbajo Presidential Campaign Committee in 2014-2015 that won the elections and brought the current administration into office.

“The new Director-General will announce other appointments into the campaign structure as approved by President Buhari.”

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South African fraudster arrested over a racist rant against President Cyril Ramaphosa on social media

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President Cyril Ramaphosa

Kessie Nair, a convicted South African fraudster has been arrested over a racist rant against the country’s President, Cyril Ramaphosa on social media.

Nair is due to appear in court on charges of inciting violence and crimen injuria, or injuring a person’s dignity, police said. His family said he had mental health issues, and needed urgent medical care as racism remains a major issue in South Africa, almost 24 years after white-minority rule ended.

In a video widely shared online, Nair, who is of Indian origin, used a racially derogatory word to describe presidentRamaphosa. The president should be “charged for defrauding this nation‚ for oppressing this nation‚ for high treason‚ for being the source to all crime and violence and poor health care and poverty in this so-called true democracy,” he added.

Subsequently, police arrested Nair in Phoenix, a mainly Indian residential area in KwaZulu-Natal province, on Wednesday following outrage over his post.

The governing African National Congress (ANC) in KwaZulu-Natal condemned the video as “scurrilous”, and said Mr Nair should face the “harshest punishment” but the president’s spokesman, Khusela Diko, said Nair was “clearly a sick person and his racist rant is not deserving of any airtime”, South Africa’s TimesLive news site reported.

“His tirade against the president demonstrates delusional and attention-seeking behaviour,” Mr Diko said, before the arrest. Nair, a former councillor, was sentenced to six years in prison for fraud in 2005.

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‘Buhari’s order does not exonerate Senator Adeleke, he’s not free yet’, says Police

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Senator Ademola Adeleke

POLITICs – This morning, the Nigeria Police force reacted to the order issued by President Buhari restricting the force from inviting Senator Ademola Adeleke of Peoples Democratic Party, PDP.

Speaking on Good Morning Nigeria, a programme on NTA, Jimoh Moshood, Police spokesperson, opined that the President’s order does not clear Adeleke from the alleged crimes, noting that he could be invited any time the force want.

Recall that the PDP aspirant for the forthcoming Osun gubernatorial election was on Wednesday accused of examination malpractice after West African Examination Council, WAEC, had cleared and confirmed that he sat for the 1981 council’s exams. In view of that Police declared him wanted.

However, through the intervention of Buhari on Wednesday, Police withdrew from further investigation on the matter. But reacting to the order issued by Buhari not to invite him pending when Osun election is over, Jimoh averred that Mr. President’s order does not exonerate Adeleke from his allegation.

In his words, “there is no time limit to arrest a suspect any suspect that has been accused or there is allegation of an offence can be invited at any time. Police action terminates when a matter has been taken to court. We have filed charges in court and the matter is off our hands”.

“But if there is any directive that we should not invite him, that directive does not exonerate him from allegation, court process and the people should know that the rule of law prevails above any other consideration. As at yesterday, the deputy inspector-general of police in the state have gone around the state on what we call ‘the show of force exercise’ with other security agencies.

The DIG operation is in charge of the security architecture in the state for the election, they have gone round, they have met with people and equally talk to them. We are enjoying very large cooperation from them, we are hopeful that come Saturday everything will be peaceful to secure an environment for a credible election.”

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