Articles under ‘regulation’:

OneCoin facing fines of up to €5 million EUR in Italy

Back in December the Antitrust and Consumer Protection Authority (AGCM) ordered the suspension of OneCoin promotion in Italy. In early January OneCoin responded to the AGCM’s promotional ban by claiming they’d ‘never promoted OneCoin and/or OneLife in Italy‘. In late January police raids on recruitment events revealed OneCoin was still being promoted locally. This prompted the AGCM to [Continue reading…]

Renato Rodriguez & partner settle Vizinova fraud charges

On March 2nd the SEC filed a lawsuit against Vizinova and owners Renato Rodriguez (full name: Pablo Renato Rodriguez Arevalo) and Gutemberg Dos Santos. Vizinova launched in March, 2014 and for all intents and purposes was a reboot of Phil Ming Xu’s WCM777 Ponzi scheme. Both Rodriguez and Dos Santos were affiliates in WCM777.

$7.7 million final judgments conclude SEC’s Wings Network lawsuit

The SEC’s fraud lawsuit against Wings Network (Tropikgadget) began back in February 2015. Last year several final multi-million judgments were entered against Wings Network and its top affiliates, with a recent $7.7 million dollar judgement now bringing litigation to a close.

5 new money laundering charges against 15 TelexFree individuals

While James Merrill has plead guilty and is scheduled to be sentenced on March 23rd, investigations into TelexFree continue down in Brazil. The latest has seen five money laundering charges filed against fifteen individuals connected to TelexFree.

OneCoin investment warning issued by Croatian National Bank

With the President of Croatia scheduled to speak at a OneCoin sponsored event today, now a warning from the country’s top financial regulator.

Renu Sharma granted bail because teachers can’t commit fraud

The one person who might have led authorities to Manoj Kumar’s stashed Ponzi funds, has been granted bail. Renu Sharma, wife of Manoj, was arrested by authorities last October. In January the EOW filed a chargesheet against Renu, accusing her of laundering over a hundred million USD. Renu was a signatory and Director of Tulsiyat [Continue reading…]

Engofor under investigation by AFM, suspends withdrawals

Engofor began life as Cryptocoins Invest back in June last year. Citing an attack by “hackers”, CryptoCoins Invest collapsed and was relaunched as Engofor in December. On February 16th Engofor suspended affiliate withdrawals. Now it has been revealed the company is under investigation by the Netherlands Authority for the Financial Markets.

OneCoin banned in Italy, deemed a pyramid scheme

Amid concerns OneCoin was a “deceitful Ponzi scheme”, last December the Italian Antitrust and Consumer Protection Authority (AGCM) ordered affiliates in Italy to stop promoting the company. A preliminary injunction concluded a few weeks later, resulting in an interim injunction banning promotion of OneCoin in Italy. Citing legal opinions the company had paid for, OneCoin dismissed the AGCM’s [Continue reading…]

Kristine Johnson sentenced to 21 months & $302,297 restitution

Just shy of a fortnight ago, Kristine Louise Johnson was sentenced for committing wire fraud. Johnson, one half of the admin team behind the Achieve Community Ponzi scheme, plead guilty back in June, 2015. The case docket recorded Johnson had been sentenced on February 14th, but it wasn’t until yesterday that judgement was handed down.

Norwegian regulator seeks permission to attend OneCoin event

Regulatory concerns about OneCoin are heating up in Norway, with news that the country’s top regulator has asked to attend a recruitment event this Saturday. Norwegian banks have also started blocking investment into OneCoin.