Articles under ‘regulation’:

BaFin clarify, OneCoin must cease and desist operations in Germany

In response to the German regulatory crackdown on OneCoin’s shell company IMS International Marketing Services, OneCoin issued a press-release claiming BaFin’s cease and desist did not specifically apply to OneCoin. Please be informed that the recently published BaFin message does not relate to OneLife or OneCoin’s Business, but to IMS GmBh. The company IMS is a [Continue reading…]

Malta issues OneCoin regulatory warning

Whereas some countries are taking a more proactive approach against OneCoin, others still grapple with a lack of regulatory authorization. The latest country to fall into the latter category is Malta, following a OneCoin warning issued by the Malta Financial Services Authority.

Norwegian Gaming Board mulls going after OneCoin affiliates

When a regulator tells OneCoin or one of its shell companies to stop operating in a country, OneCoin’s standard response is “but OneCoin doesn’t operate in that country!”. Technically OneCoin operates out of Bulgaria, through a shell Dubai incorporation. OneCoin was incorporated in Gibraltar but was kicked out late last year. In an effort to combat the [Continue reading…]

Canadian securities regulator issues Pay Diamond Ponzi warning

Following reports of local recruitment activity, on April 12th Canada’s Manitoba Securities Commission issued a Ponzi warning for Pay Diamond.

Rick Maike criminally charged with mail fraud and structuring

On April 12th the DOJ filed a criminal complaint against Richard Maike. From on or about and between February 6, 2013, and continuing to on or about October 31, 2014, Maike induced individuals to participate in a pyramid and Ponzi scheme known as the I2G Infinite Opportunity plan. In the criminal complaint, the DOJ accuse [Continue reading…]

DOJ intervene in G1E defamation lawsuit, case dismissed

In early January Chuck King published a YouTube video in which he claimed the FBI was investigating Rick Maike and Global1Entertainment. Global1Entertainment was the successor to the collapsed Infinity2Global Ponzi scheme. Both companies were owned and operated by Maike. Chuck King had invested in Infinity2Global and wasn’t too happy about losing his money in the [Continue reading…]

25,000 OneCoin victims in Germany, investor losses over $424 million

The fallout from BaFin’s freezing of OneCoin’s bank accounts in Germany continues, with more and more victims coming forward to report their losses. BaFin investigators have labeled OneCoin “one of the most dangerous money games of recent years”. The latest figures released by investigators on Thursday, April 13th revealed “at least” 25,000 investors Germany have [Continue reading…]

OneCoin investors arrested in Kazakhstan

According to an April 14th news report from Kazakhstan’s Tengri News, officers of the Economic Investigation Service in Astana have arrested several OneCoin investors.

Germany freeze OneCoin’s bank accounts, issue cease and desist

German authorities began investigating OneCoin mid last year. In the immediate aftermath of the investigation announcement, OneCoin lost its Deutsche Bank account. The conclusion of the investigation, led by the country’s top financial services regulator, saw remaining known bank accounts in the name of IMS International Marketing Services GmbH ordered frozen on the 17th and 20th [Continue reading…]

William Apostelos’ wife pleads guilty to money laundering

With her husband already having plead guilty to wire fraud two months ago, it was only a matter of time before his wife Connie Apostelos buckled. While William Apostelos is credited as the mastermind behind Genesis Acquisitions, federal prosecutors alleged his wife was also involved. In a thirteen page guilty plea, Connie Apostelos acknowledges her involvement [Continue reading…]