Federal Anti-Monopoly Service describes Mavrodi's new project as financial pyramid

The expert council of the Russian Federal Anti-Monopoly Service (FAS)
for financial markets called the new project of the well-known founder
of MMM, Sergey Mavrodi, a financial pyramid, RIA Novosti reports.

The deputy head of FAS, Andrey Kashevarov, said that the service will
file its decision for the law-enforcers. He said that the project may
be qualified as preparation for a criminal case (article 30 of the
Russian Criminal Code) and fraud (article 159).


Mavrodi announced his new project called “We can do a lot” in his blog
in January. Mavrodi is inviting investments into MMM-2011 and promised
an income of 20-30% every month. The previous financial pyramid MMM
resulted in an economic loss of $70-80 billion for 10-15 million
people.

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