Return of Russia's pyramid man

Sergei Mavrodi, jailed in the 1990s for exploiting millions of investors, is back with a new money-making proposal.

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    Sergei Mavrodi became a notorious conman when he exploited up to 10 million Russians in the 1990s.

    After serving a four-year jail term, he is now setting up another financial pyramid scheme, insisting as he always has that there is nothing wrong with them.

    He is promising that a new pyramid investment scheme will yield Russians returns of 20 per cent a year. Just like he said it would in the 1990s.

    The Russian government has not said whether it will shut down his new money-making endeavour.

    The collapse of Mavrodi's first scheme resulted in thousands of bankruptcies, homelessness and suicides.

    Al Jazeera's Laurence Lee reports from Moscow.

    SOURCE: Al Jazeera


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