Sergei Mavrodi

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Sergei Panteleevich Mavrodi (born Moscow August 11, 1955) is a Russian businessman and financier; the founder of the financial pyramid МММ. Sergei Mavrodi was found guilty of defrauding 10,000 investors out of 110 million rubles ($4.3 million). Mavrodi and his cousin aksana Pavlyuchenko also founded Stock Generation, allegedly a classic pyramid scheme presented as a "virtual stock market game",". The Massachusetts district court found that U.S. Securities and Exchange Commission was unable to cite Stock Generation's founders and owners for securities violations. However the United States Court of Appeals reversed this decision in 2001 concluding that SEC alleged sufficient facts to state a triable claim. In 2003 the SEC obtained permanent injunctions against SG Ltd. and relief defendants SG Perfect and SG Trading, which profited from the disbursement of funds fraudulently gained by SG Ltd.