YEREVAN. – MMM-2011, which is based on the financial pyramid system, is legally operating in Armenia since the beginning of 2011. The organization has already managed to attract 260 investors.

Armenian News-NEWS.am found out about this visiting the organizations office in Yerevan.

To note, Armenia’s Central Bank had announced recently that MMM-2011 pyramid organization is not licensed and has nothing to do with Armenia’s financial system.

The Organization was founded by Sergey Mavrodi who had been convicted earlier for frauds by the same pyramid system.

However, the organization has a new system now. The client is informed about the risks from the beginning, money is transferred through banks. Currently the chain is not based only in Russia but has acquired an international character.