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 confirm OneCoin was a pyramid scheme and ban the company from operating in Italy entirely.
As of March 7th OneCoin has not responded to the AGCM’s ban.
As per the AGCM’s order, OneCoin must
- suspend any activity concerned with the promotion and dissemination of OneCoin and training packages related to it and
- communicate to the AGCM the successful execution of this suspension and the relevant procedures within ten days of receipt of this decision, by sending a detailed report which should be explained the measures taken.
The AGCM’s ban was implemented on February 27th, so by my count OneCoin’s ten day reply deadline has now passed.
As per Italian law, continued failure to provide the AGCM with a detailed report and cease of OneCoin promotion in Italy could see the regulator issue fines of €10,000 to €5 million Euro.
Aron, Christian and Stephan Steinkeller (collectively known as the Steinkeller brothers) are from Italy and head up One Dream Team, possibly the largest affiliate downline under OneCoin management’s positions.
The Steinkeller brothers are currently busy recruiting new OneCoin investors in Spain and South America. Mid last year Ted Nuyten reported the Steinkeller brothers were stealing approximately $2 million dollars a month from new OneCoin affiliates.
Like the company itself, the Steinkeller brothers have not publicly addressed their home country banning OneCoin.
If OC does respond they will claim they aren’t operating in Italy and it is rogue marketers that are doing it without their approval; or some such nonsense. It will never be their fault. I hope the Italian authorities fine them 5 Million Euros.
On another note, I think enough time has passed for all the countries (Finland, Sweden, UK, Germany, naming just a few) that are investigating OC to take action.
OneCoin Dream Team is right there on Facebook! It’s not legal here in the US either, but it has certainly been promoted!
Confirmation of departure video from HUGE Onecoin Leaders (ODT GOPRO) Monir and Moyn Islam (26,000+ victims in downline).
facebook.com/bymoynislam/videos/1335108809892279/
From what it sounds like, ODT GOPRO is keeping the name they built, while separating from Onecoin. This is interesting because doing so would seem to be a conflict of interest were other team members to continue supporting it.
The implication SEEMS that those who continue to support Onecoin may likely have to leave ODT GoPRO, while ANYONE still claiming ODT GoPRO is probably also leaving. I’m wondering what the fallout to ODT (the main chapter one One Dream Team) will be.
Presently the ODT GoPRO Team consists of mainly:
Moyn Islam
Monir Islam
Zain Khan
However, top leaders of OneDream Team have also left:
Ed Hartley (left very discreetly)
Touhid Rahman
Insiders are saying this will definitely cause a domino affect. The Islam brothers video was only uploaded 15 minutes ago and already has over 500 views.
Furthermore, none of the IMA’s real concerns we’re answered. The video only increases the doubts and FUD.
GRAB YOUR POPCORN BECAUSE SHIT IS ABOUT TO HIT THE FAN!
Spineless unless they go into why they left.
“Promises couldn’t be kept”, what promises did OneCoin make to them that they didn’t keep?
Unless the Islam brothers are honest to their 20,000+ downline as to why they left OneCoin, ODT GoPro is dead in the water.
Edit: Oh right, here’s why they aren’t being honest:
If the Islam brothers come clean Ignatova will delete their accounts.
They are hiding something for sure:
There are now well over 2,000+ Onecoin Accounts “Frozen” under the “Whistle Blower PRogram.” Lol.
…and cannot promote that we were used to promote … “
Is this the same thing as the USA affiliates being told they can no longer recruit from USA (even under the table) wink, wink… as they had been doing, before 2017?
No, I think it’s more “we can’t tell people to join because they’ll make tons of money like us… because they won’t.”
These guy’s Facebook profiles are plastered with the usual photos of what they’ve spent their recruitment commissions on.
Hey now. You all are a bunch of sissies. Before onecoin i was a high school drop out at 59 years with an alcohol problem and no friends or money.
Now by selling the idea to my 90 year old grandma, my mom, my inlaes, and my own children, i have made enough commission to buy a 1977 Airstream trailer and people think i am rich.