Russian pyramid shareholders weep as fund boss is charged with tax evasion

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Shareholders in MMM, Russia's collapsed investment fund, wept yesterday as Sergei Mavrodi, the fund director, was charged with tax evasion. Millions of small investors had bought shares in the hope of high returns. Some, blaming government interference for the collapse, demonstrated for his release outside tax offices in Moscow. Mr Mavrodi faces up to five years in jail if convicted.

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