Russia 100 R 1994 Private Coupon of MMM Corporation:
MMM is the handiwork of Sergei Mavrodi, who is in his late 30s. Overweight and partial to expensive Italian suits, Mavrodi called himself an entrepreneur -- the label covers a lot of ground in Moscow these days -- and recently appeared in a newspaper survey as the sixth richest man in the country. He launched the MMM fund in 1992 with 100,000 rubles, worth about $50 today. Like all pyramid-type schemes, his snowballing effort worked well for a time. Shares priced in February at 1,600 rubles (the equivalent then of $1) traded at 105,000 rubles two weeks ago. Mavrodi apparently was paying off old investors with money from new ones. Then the fund could no longer keep up with its promised returns; most of its money was sunk into hard-currency speculation and short-term loans, and it held few assets of any value.
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