Articles under ‘regulation’:

Steven Scudder sentenced to 14 months in prison

For his part in aiding and abetting William Apostelos to run a $70 million dollar Ponzi scheme, attorney Steven Scudder was criminally charged early last year. Scudder plead guilty to one count of wire fraud in January and was up for sentencing this week.

Norwegian Gaming Board requests info on OneCoin affiliates

OneCoin’s days in Norway appear to be numbered, following a request to the company’s Norwegian lawyer for information on local affiliates.

Questra World suspected of committing crime in Poland

Although appearing to be based out of Spain, Questra World has ties to Russia and Africa through Atlantic Global Asset Management. Questra World claim to be an “advertising broker” with “exclusive rights” to promote Atlantic Global Asset Management. In addition to Questra World’s own Ponzi scheme, Atlantic Global offer weekly ROIs of 6.47% on deposits of up [Continue reading…]

OneCoin laundering funds through precious metal investments?

Following the revelation that the Mauritian Independent Commission Against Corruption has been investigating OneCoin since March, further details of the company’s operations in Mauritius have emerged.

Mauritian authorities investigating OneCoin money laundering trail

Authorities in India traced funds stolen by OneCoin affiliates to a Mauritian woman named Mary Beyance. Beyance worked with a partner in Bulgaria and, according to Indian authorities, sat atop a money laundering trail of at least $7.7 million USD. According to the Mauritian newspaper Le Mauricien, authorities in Mauritius are now investigating OneCoin.

VictoriaBank dismissal granted, Zeek Rewards Receiver appeals

With $13.1 million dollars of stolen investor funds in the balance, the court’s decision to grant VictoriaBank a Motion to Dismiss on May 3rd was pretty unbelievable. Along with dismissing the Receiver’s claims against the bank, the decision would also dissolve the freeze order currently in place. That freeze order is the only thing stopping [Continue reading…]

Bank of Macedonia warns OneCoin has “elements of a pyramid scheme”

In Macedonia it is illegal to invest in cryptocurrency. Following repeated general warnings about cryptocurrency, the country’s top financial regulator recently cited OneCoin as an example of a pyramid scheme.

MBI International malls raided, $41.2 million dollars seized

Following the Central Bank of Malaysia adding MBI International to their national alert list earlier this month, over the last few days police have conducted raids and seized millions of dollars.

Korean regulator reports OneCoin to authorities for “possible fraud”

As per a report from the Korea JoongAng Daily, authorities in Korea have launched a police investigation into OneCoin.

OneCoin operating illegally in Belize, issued cease & desist

Belize, a tax haven in central America, isn’t really known for regulation. It’s seen more of an “anything goes” type jurisdiction. Nevertheless, the International Financial Services Commissions serves as the country’s top financial regulator. Charged with ‘providing appropriate supervision and regulation of international financial services‘ within Belize, earlier today the IFSC issued a cease and desist to [Continue reading…]