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Business / Finance

The first "throw" of the country. The rise and fall of the founder of the Russian financial pyramids

Banki.ru: themes of the day 16.07.2020 at 21:01

Banking and financial news on the website Banki.ru

Think of the financial pyramid in our country there was in the 1990s? Mistaken for a century and a half. Tell about the first major financial Scam in Russian history.

"Seeing that investors are not coming, bankowy embark on an American thing. They give percentages that are dreamed of our sages: 6 to 7.5 [in other banks took deposits for 3-5%]. For SIM follows the is, bypassed all Newspapers ranging from Metropolitan to Irkutsk. The advertising is doing its job. Total deposits increased to 11 million", — the journalist and writer Anton Chekhov described in 1884 in the St. Petersburg newspaper "business Rykov and company." The case rocked the entire country and has become famous as the story of the first financial pyramid in Russia.

As under the Ryazan millions flowed

In 1863 in the small town of Skopin of Ryazan was established skopinskiy city public Bank. The Bank belonged to the city, and it was headed by the mayor (i.e., mayor) and the merchant Ivan Rykov.

Since the abolition of serfdom took place only a couple of years. In Russia during an unprecedented scale reforms of Emperor Alexander II. The peasants gained freedom, and the country had to be brought into line with the new structure of the society system of governance and Finance. In those years in Russia began to appear in urban public banks. These banks were created at the expense of the cities or private donations. They had to support urban agriculture, to conduct charitable activities that serve the residents, small and medium entrepreneurs. By the way, in the same period (in 1860) was created by the State Bank, which today we know as the Bank of Russia.

the First problem faced by Skopinsky Bank, was that investors did not want to carry money in it. Rykov has found a solution: launched a large-scale campaign, which later Chekhov wrote, with "a six-story" advertising in all Newspapers and the promise of an unprecedentedly high for the time percent. The client went very well! The Bank began to pull to itself the capital from all over Russia. Not only rich, but also rural priests and deacons, and minor provincial officials in the hope of a promised huge yields began to send back their savings. A small provincial Skopinsky Bank started to roll out millions.

to"draw" the reporting and the whole city is in debt

to Gain some millions in the Bank I could, but they had to place in some projects, preferably with profit, which would allow not only to pay off depositors and the Bank to make a profit. And this was the second problem of the Bank. The small town of Skopin, creditworthy borrowers few, so to give out a lot of loans at high interest rates was not possible. What to do with all this money? Part of the funds placed in other banks – in Moscow, St. Petersburg and other cities. But interest was lower and did not bring profits. What to do?

Where only Rykov tried to invest money in stocks in coal mining, but failed absolutely everywhere. The situation was exacerbated by a cholera epidemic: many borrowers have died to collect debts was not with anyone.

after nine years, from 1872, profit Skopinsky municipal public Bank existed only in the annual reports. And from this time the existence of the Bank was fully dependent on attracting new investors.

strange but true: only 15 years after the start of the abuse, the authorities closed the Bank and opened a criminal case. Rykov was obviously Nicodyne financier, but he was able to negotiate with the right people, and in debt to the Bank by that time was almost the entire city.

"Me nothing could contain the"

the Investigation of the "case Rykov and company" lasted two years. The trial began in the fall of 1884, in the Kremlin, then, there were the Moscow district court. The process in the courtroom for two weeks followed by about 20 journalists. Among them were Czechs, who then wrote notes for the St. Petersburg Gazette. Actually, this story is somehow mentioned in the works not only of Chekhov, but Saltykov-Shchedrin, Mamin-Sibiryak, in the memoirs of Bunin and many other famous Russian writers. The entire country talked about "banking the tiger" lurking in skopinskiy forests.

of Course – because the scale of the fraud was incredible. Suffered about six thousand people, in the process there were 26 defendants, in the court called 107 witnesses. However, half of them were not. Already worked this psychological effect: the victim of fraud do not report the damage ashamed to admit that let myself be fooled. This phenomenon makes it difficult to assess the true scale of activity and modern scams.

However, the testimony of those who appeared in court was enough to convict Rykov, and the main defendants in the case, and exiled to Siberia.

"the Case of the Bank were bad... But not I was to raise my hand that he created, on his creation... I had to eliminate things, and continue to stay at the same height, the Bank could only abuse," — said in court the Builder of the first Russian pyramid. In his speeches Rykov vinyl imperfection of the Bank Charter, he said, do not give "guarantees to the depositors and the reins of governance". He blamed the Ministry of Finance, which is not controlled, "he advised, but not ordered".

"I was nothing could not hold back," – said in his defense, the founder of the first financial pyramid in Russia.

Case Skopinsky Bank affected the entire banking system of tsarist Russia. During the investigation, have been prepared, proactive repetition of such situations: a new model Charter of municipal banks, and Rules on the procedure for liquidation of the Affairs of private and public institutions short-term loan. At the end of the XIX century in Russia the state legislate the control and supervision of commercial banks from the Ministry of Finance and the State Bank, because it is the main Bank of the country had to deal with the Affairs of the liquidated banks.

the Damage of houses and apartments

As we have said, the damage caused by financial pyramids, it is difficult to calculate, as it say not all victims. Since "business Rykov and company" many years passed, changed the country, and money. But even at very conditional estimates "Skopinsky pyramid" according to the injury remains one of the most ambitious in the history of our country. The damage caused to the deceived depositors of the Bank under the control of Rykov, amounted to 12 million Imperial rubles. At the time this amount could buy 80 thousand farm houses with outbuildings, for example, in Nizhny Novgorod province.

Today about "business Rykov and company" few people know, and the expression "financial pyramid" is associated primarily with the nineties years of the XX century. Indeed, millions of "deceived investors" – one of the hallmarks of the era. The financial pyramid was posing as joint stock companies and investment companies that promised to pay superhigh dividends on invested funds. The emergence of these organizations contributed to the situation in the country: the collapse of the planned economy, the shock of sudden financial permissiveness, lack of supervision by the state over the financial market, the financial illiteracy of citizens. But even Russia's largest financial pyramidelloidea 1990s can not be compared with Rykov. Aggregate damages "MMM", "Khoper invest", "Vlastilina" and "the Russian House Selenga", according to rough estimates, amounted to 9.9 billion rubles. This is the approximate equivalent of a 60 thousand-bedroom apartments with an area of 33 square meters each in the prices of the end of 1998 the national average.

Tatyana TERNOVSKAYA, Banki.ru

Illustration: Bank of Russia

Edition Banki.ru thanks the Bank of Russia for the materials.