Mavrodi, whose bespectacled face once featured on vouchers issued by the grandiose scheme, died at age 62, his assistant Alexander Vlasov said.
He was found unconscious at a public transport stop, Interfax news agency reported, citing a source.
A mathematician who became one of the earliest computer programmers, Mavrodi first went into business selling pirated videos and CDs. He founded a company called MMMM that initially imported office equipment.
He then gave up trading and founded the financial pyramid of the same name that became the largest in Russia.
Lured by a catchy television advertising campaign, an estimated 10 to 15 million people invested and received vouchers that promised a huge return.
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