AKIPRESS.COM - Sergei Mavrodi, former member of the Russian Duma and one of the most prominent fraudsters in Russia's modern history, has reportedly died at the age of 62 at a Moscow hospital on Monday, Russian media report.

In 2007, Sergei Mavrodi was convicted in a Russian court of defrauding 10,000 investors out of 110 million rubles ($4.3 million).

Mavrodi founded MMM in 1989. He was then elected as member of Russian parliament obtaining a parliamentary immunity. Mavrodi declared MMM bankrupt on December 22, 1997, then disappeared, and was on the run until his arrest in 2003.

On April 28, 2007, a Moscow court sentenced him to four and a half years in a penal colony. The court also fined him 10,000 rubles ($390).