OneCoin an “endless spiral” of black hole shell companies
With OneCoin promotional activity dead in all but the most third-world’est of countries, one could easily gain the impression that nothing much going on at a corporate level.
Not so.
Just last month OneCoin corporate was busy setting up a new wave of shell companies to cover their tracks through.
According to research by Capital, OneCoin’s use of shell companies to mask ownership is an “endless spiral”.
Last month ownership of One Network Services was transferred over to One Forex, which in turn is owned by Artefix Europe, which is owned by, wait for it… One Network Services.
The literal circle-jerk of shell company ownership was initiated when Pegaron Invest, formerly owned by Artefix Europe, sold One Network Services to One Forex for about $1.25.
Capital did approach OneCoin for comment but were stonewalled.
If you’re wondering how this hasn’t caught the attention of regulators, it’s because creating layers of circular shell companies to commit fraud through apparently isn’t illegal in Bulgaria.
Aside from the odd event headlined by Ruja Ignatova’s brother and former bodyguard, Konstantin, OneCoin executives, at least publicly, have been missing in action for almost a year.
After severing herself and her mother from OneCoin’s incorporation in late 2016, Ignatova abandoned OneCoin in mid 2017.
This cyclical corporate structure is not explicitly forbidden in the Bulgarian Commerce Act, and it is only possible to seek a legal problem with it in European law.
For their part Bulgarian authorities remain uninterested in pursuing the scammers behind OneCoin.
There is an ongoing investigation into OneCoin and Ignatova by German authorities.
Following raids on OneCoin’s offices in Bulgaria earlier this year however, we’ve heard nothing from German investigators.
After living it up L. Ron Hubbard style on a $15 million dollar yacht, Ignatova, earlier this year Ignatova dropped $2.5 million on a beach front mansion.
That’s on top of over $20 million in OneCoin funds Ignatova has already used to build her Bulgarian property empire.
Ignatova’s new sprawling estate features custom-made furniture imported from Germany and a playground.
A lavish pool toward the rear of the property is topped up with an endless supply of OneCoin investor tears.
OneCoin investors have been prohibited from withdrawing monopoly money payments since January, 2017.
In related news Ed Ludbrook, who had insider access to OneCoin as a former executive, claims Ignatova is a con-woman.
I was recruited into a business that had everything right except it was run by a con-woman.
Someone, who through her actions, was happy to create a scam as she stole the money.
Last year Ludbrook claimed Ignatova “misled” him.
Unfortunately in his latest article, Ludbrook doesn’t elaborate on how despite Ignatova, OneCoin, a Ponzi scheme from inception, “had everything right”.
To his credit, unlike his counterparts Ludbrook didn’t leave OneCoin only to take up residence in a similar scam.
Most of the top OneCoin promoters were quick to jump over to DagCoin, a clone Ponzi scheme set up by a former OneCoin investor.
Six days ago Kari Wahlroos, formerly the face of OneCoin, now the face of DagCoin, informed investors DagCoin was launching a new “9 billion coin” blockchain.
Existing DagCoin investors are being promised “ten times” their current DAG balances in the new blockchain.
Sound familiar?
Given the Ponzi points model between companies is as circular as OneCoin’s corporate structure, you’d think DagCoin’s gullible investors would have realized by now.
The TV channel ARTE reports today on this topic at 12:15 (German time)
Maybe investigators did enough work to realize the money was only being used by Ruja to live lavishly and not being diverted to terrorists and arms deals.
I’m just guessing, here. But, trying to prosecute Ruja from the most corrupt country on Earth probably isn’t worth it?
The TV program on ARTE has unfortunately only dealt with the BitCoin. It has been mentioned that there are now more than 100 cryptocurrencies, but no one else has been named. In this respect, the program was not very informative.
The News… One Life.
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@Ty
Could be. I still think we’ll see arrests etc. five years down the track when it’s too late.
There’s been a few Euro scams winding up like that. They get big, spread and then collapse. Four or five years later we get a seemingly random arrest of the perps.
Never in Bulgaria though, so who knows.
Nickolay Stoyanov has posted some ownership documents in Twitter: twitter.com/Svrakata/status/991289351756795905
I asked for those as an answer to Igor “OneCoin Chief Excuse Officer” Krnic’s claims that Capital is putting out fake news: onecoin-debate.com/viewtopic.php?p=8551#p8551
Igor Krnic now answered, after Nickolay Stoyanov provided documents:
So, first it was fake news, now it’s just “internal restructuring related to strengthening the management”, which according to Krnic means nothing.
The guy is nowadays so obvious 100% biased company man, always coming up with some more and more stupid excuses. Really lives up to his nickname “Chief Excuse Officer”.
Must be now obvious even to the OneCoin believers really.
I am just shocked that after all force from the authorities around the world looking into OneCoin HQ, Blockchain and much more, you guys just come up with funny stories (Ozedit: Facts aren’t “funny stories”. Marketing spam removed.)
Kamran, have you seen any announcement from investigating authorities that the investigations are finished and OneCoin is cleared? There’s none.
Ah yeah, but Konstantin told you that they got this 6000 page report few weeks after the raids where reads that there’s no wrongdoings found and OneCoin is cleared!! Whee! Pretty fast action.
“Strangely” there’s nothig official released. Did you know that Bonofa investigations took 2.5 years.
This is golden.
Someone in the scam company obviously told Igor Krnic that Capital asked money from OneCoin to write positive things about it.
Now Krnic is in Twitter striking with this “fact” against the face of the only journalist at Capital who writes about Onecoin. And of course Krnic can’t provide a-ny-thing to support his claims but believes the scam company 100%. Show me one reputable news which writes positive things about OneCoin..
Way to go Igor! Keep up the good work!
https://t.co/H3ClLgkNel
Igor “OneCoin Chief Excuse Officer” Krnic allegedly goes back to Sofia to be lied to personally: 🙂
Ed Ludbrook has edited his Medium post
is now
The original version has been saved: archive.is/AJVHg
The Internet is forever, Ed!
Bet that phonecall from Bulgaria was interesting…
Oz, another attempt to register a trademark on OneCoin is underway. US serial number 79227832.
This time the applicant is a shell company in south west England named Power Holding Corporation Limited, incorporated 20th June 2017. The registered address is a small flat above a pastry shop. The sole Shareholder and Director is Christopher Snook-Lumb.
I found another company named Meganix Limited registered at that address. The Directors are two Hungarian nationals.
take a look at this guy: quora.com/profile/Denis-Murdock
he answered some 40+ questions about Onecoin
fake?
“Digital Currency Consultant” = paid shill.
Either that or he’s just another Ponzi koolaid drinker. Either way, ho hum.
BREAKING NEWS!!!
GERMAN PROSECUTORS TODAY CHARGE 3 IN ONECOIN FRAUD AND MONEY LAUNDERING CASE!
SOURCE: wiwo.de/finanzen/geldanlage/kryptowaehrung-onecoin-skandal-staatsanwaltschaft-klagt-drei-beschuldigte-an/26664874.html
@Timothy Curry
Lawyer Stephan Schulenberg from Hamburg speaks of a woman whom he will defend. I hope it’s Manon Hübenthal (IMS GmbH Münster and Greven)!
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According to that article, Schulenberg’s got a brilliant defence ready: he will claim his clients didn’t know that what they were doing was illegal.
I seem to remember hearing, from childhood really, that ignorance of the law is never a defence. But who knows, perhaps that’s different in Germany. And of course it’s perfectly plausible that someone engaged in transferring 300 million euros of other people’s money to the Cayman Islands is unaware that there are laws about such things.
For those who don’t remember the name: Schulenberg & Schenk are OC’s German house lawyers.
They’re the ones who wrote an “expert opinion” proving that OC was definitely legit, and also sent out threatening letters on behalf of OC, not caring whether the legal entities on whose behalf they were threatening actually existed or not.
Schulenberg came for me like a ton of bricks.
That “expert opinion” you read on this site? That was me leaking it.
The letter to stop saying I was being threatened before things got worse, ditto.
Shulenberg: as I told you when I phoned you, you know where to find me
Actually I hope one of them is Irina Dilkinska.
Didn’t K out her as one of the people involved in the money laundering along with Frank Schneider and Gilbert Armenta?
Thanks for the heads up Tim.
If the charges are against two women with dual German and Bulgarian nationality, that would be our crypto queen and the queen mother.
That would be supported by Schullie being on the case.
Since IMS has been named in NY for laundering and Ricketts has already faced flack for operating as an unlicenced payments operator, I assume he is not feeling very happy this morning
@PassingBy
We should not forget that the lawyer Martin Breidenbach from Munich also issued a so-called “Legal opinion” for OneCoin. Allegedly a specialist in tenancy law, corporate law and commercial law.
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