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Moscow

Swindler returns: The man who bilked millions of Russians out of their life savings is touting a new pyramid scheme. Sergei Mavrodi created the notorious MMM investment group, which collapsed in the 1990s, losing some $1.5 billion. He was arrested in 2003 and spent four and a half years in jail for money laundering. This week he announced on his blog the opening of MMM-2011, a “structured financial social network” that he said could yield returns of 20 percent, depending on increasing numbers of participants. While freely admitting that no investments will be made with the money, Mavrodi said, “The system is absolutely invincible, unsinkable, indestructible.” Russian authorities said the scheme was not illegal, but they discouraged Russians from investing with Mavrodi.

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