The pyramid scheme, MMM, has finally shut down their operations globally today, April 6th. The management of the scheme communicated the new development to its participants on their official website.
This is coming after the death of the Russian founder and initiator of the pyramid scheme, Sergey Mavrodi who died on March 26th, 2018 from a heart attack.
The administration in a statement on Friday said the scheme will be shutting down due to the death of the ideology inspirer as none of them have the full knowledge that would make the scheme thrive further.
“Dear participants,after much deliberation, we have made the conclusion that continuing the System operation, without our leader and ideological inspirer, is impossible and makes no sense. We all carried out the tasks he assigned to us, since we had no doubt in his genius and rightness of the path he had chosen.
“We are firmly aware of the fact that none of us has a full view of his conception’s profoundness and sequence of all the actions to achieve a final goal, declared in the ‘MMM’s Ideology’. Sergey Mavrodi’s broadmindedness scale is unprecedented. Therefore any attempts to continue the System operation without him are bound to fail. We respect him immeasurably and cannot afford to allow that our unskilled actions may cause profanation of his concepts.
“In view of the above, with deep sadness, we have to announce the ultimate and irreversible MMM closure.
“We also remind (as a matter of form) that all initially were fully aware of the risks and read the WARNING and confirmed that by checking the relevant box when registering.
“Hoping for your understanding, Administration,” the statement reads.
The pyramid scheme had at various times thrown its participants into frenzy with series of pause of operations, and many participants losing their money.
The administration also announced a pause on March 27th, a day after the death of Sergey Mavrodi, saying they would make a decision on what the future holds for the scheme in the absence of its founder.
“In this regard, the МММ System shifts to a ‘pause’ mode. It is impossible to provide and get help; Mavros don’t grow. In the near future, Administration will take a decision concerning MMM’s future and report on it officially. Hoping for your understanding,” a statement on their website had read on March 27.
The administration’s resolution will come as a shock to many of their participants who has staked their monies into the scheme, as there is no getting their monies back with the latest development.