OneCoin claims no Ponzi because IMAs scammed, not consumers
OneCoin has stopped defending its fraudulent business model.
Instead, the company now claims it’s not a Ponzi pyramid scheme because only IMAs were scammed.
“IMA” stands for Independent Marketing Associate and is what OneCoin refers to its affiliates as.
As per OneCoin’s business model, IMAs invest in OneCoin points. OneCoin itself sets the internal value of the points.
Up until January 2017, IMAs were able to cash out. OneCoin paid IMA withdrawal requests with subsequently invested funds.
The pyramid side of OneCoin is still limping along, wherein existing OneCoin IMA investors are paid to recruit new IMA investors.
There are no retail customers in OneCoin.
In response to the Samoan Central Bank reaffirming OneCoin is a Ponzi-pyramid hybrid scheme, the company told the Samoa Observer;
the current legislation on pyramid sales, its origin and expressed purpose is consumer protection, and the user who are part of the OneLife Network are not consumers, but Independent Marketing Associates (I.M.A.) — meaning they are self-employed business owners.
It is unclear what legislation OneCoin is referring to.
Not that it matters, as no country in which pyramid schemes are illegal has an exemption for scamming “self-employed business owners”.
OneCoin also trotted out its “no business operations” excuse too.
No one has authority to act or make statements on behalf of the company in Samoa and New Zealand.
Let it be clear that neither OneCoin nor OneLife companies have organisation, representation or employees in Samoa and New Zealand.
OneCoin has repeated this in every jurisdiction authorities have cracked down on the scheme. Not that it’s done them any good.
Any country on the planet can investigate and declare a Ponzi-pyramid scheme like OneCoin illegal, irrespective of whether its executives are based out of the country or not.
Looking forward, one can only hope OneCoin puts forth the same nonsense for Konstantin Igantov’s defense.
The scam’s greatest gift yet could be its hilarious Ponzi waffle getting slaughtered in US courts.
I might have to start ordering popcorn in shipping crates…
“We are only selling education”
“Two million Onecoin” -Ruja I.
Onecoin is fraud. top to bottom. They don’t sell any education. just give a name ‘ Educational Package’. No educational materials.
This is a first class false company. Please stop this game. Don’t make pool people.
I consider myself to be a normal thinking person with moderate critical thinking skills.
The negative reporting on onecoin that I have been reading about has promoted me to take a closer look at the company.
I have been able to look at that company’s terms and conditions, including compliance for IMAs and hard pressed to believe that the leaders would openly or clandestinely violate the tenets of their own teaching.
In addition, I see an operation that’s working for those involved with it and question whether the potential of one coin to bring multitudes, who prior to, were exiled from the global economic system, threatens the status quo that has kept them out.
OneCoin stopped “working” when they cancelled Ponzi withdrawals in Jan 2017.
Might want to take another look in the mirror and reassess.
@Fred Cudjoe – what are you on about mate?
Correct me if I’m wrong but the current stand within U.S. court is that an MLM company that does not have retail sales is a pyramid scheme?
It’s quite convenient that now, when Konstantin is waiting for the trial, they decided to make a statement that the educational packages are only sold to members, not consumers.
*Grabs some more popcorn*
Yah – no retail customers = pyramid scheme.
I’m loving the irony too. Can’t wait for Konstantin’s defense filings – if we get that far.
I felt the same way about the drug kingpin I used to sell “brain enhancers” for. I followed all the terms and conditions under his “company” contract. Instead of IMAs, we were known as DDs.
Hey Fred, quit looking at the trees and try the forest.
So Fred , you belive that the DOJ 32pages of evidance (shown sofar) is yust haters keeping a good and noble project down… gtfo
Just a quiet conversation about pyramids and ponzi. I am of the opinion that Onecoin is (Ozedit: snip, see below)
@Fred – No need for opinion when it comes to Ponzi schemes. You invest in OneCoin points and up until January 2017 when you put in a withdrawal request, OneCoin paid you with subsequently recruited funds.
That’s an illegal Ponzi business model. Has nothing to do with Robert Kiyosaki or “everything is a pyramid scheme” scam excuse cliches.
Anybody who knows Ruja personally knows what she is about.
Unfortunately, “believers” never got the chance to know her or to listen to her crazy “business philosphy”, they were just scammed with Excel-generated Ponzi-points, because of their own greed and promises of more gold than they would ever be able to eat.
She is a greedy person and she does not give a shit about Onecoin or people who bought all those lies.
If someone try to join onelife, can choose if want to be ima or not… So it is impossible all register account are ima…
Think of it as OneCoin inadvertently admitting that the vast majority of their investors are IMAS (upwards of 99% I’d imagine).
In the page you linked:
So once you want to actually buy the “financial education”, you turn your membership into a business member.
Equally the terms and conditions:
always talk about IMA’s when it comes to the buying and upgrading the “educational packages”.
And even if I’m just massively misreading this, it is a very blurred line between IMA and non-IMA. See it yourself:
So isn’t the Rookie then “not a consumer” (i.e. a member) all the same as any IMA?
And as if the Rookie accounts could remain for long anyway:
Just to see how it goes I created a “non-IMA” Rookie account at the signup page. I can’t tell from the looks of the backoffice how it would be different for the “I want to be IMA” – account: My non-IMA has her own referral link, ranking, network legs, BV’s listed, etc.
I also cannot find any place where I could now choose to retroactively become an IMA, although that should be possible.
I very much doubt that checkbox actually does anything to the signup process.
Heads up, I’ve received this via email but have been unable to verify:
I’ve been told what’s left of OneCoin’s leaders have been given copies of the report. I myself haven’t seen it.
Standard grain of salt disclaimer pending verification.
There’s not many things Onecoin fanatics would love more than show how “BehindMLM spreads lies”.
This claim that Duncan has been fired sounds highly unlikely to me. Not impossible but highly unlikely.
Especially now before the new Konstantin news, there’s a high possibility of trying to feed us bullshit to spread.
I think almost five years in and we’re beyond that. You’ve got to have a pretty big hole in the head to still cling onto that mantra.
Anyway like I said, grain of salt disclaimer until verified.
How is OneLife/OneCoin gonna fire Duncan Arthur whose company Dantir Dilela *owns* NewDealShaker.
My bullsh** meter has bells ringing.
Give it 36 hrs. If nothing further develops then write it off as BS.
And btw. Duncan wouldn’t “go back in South Africa”. He lives in UK.
I’m not sure if this is new (let alone related to the Duncan Arthur rumor above), but just found this:
The new Dealshaker is tested under Ovid brand, and there is also a separate site for it:
The separate Ovid.ie site has same phone number as the current official newdealshaker site.
Seems that it’s pretty new since it’s registered to Duncan Arthur’s Dantir Dilela Ltd as early March this year:
Wow, maybe the rumor about Duncan Arthur leaving isn’t bullshit after all.
This announcement just appeared on onelife.eu:
Screen capture: i.ibb.co/pWzM23y/newdealshaker-no-longer.png
Muhammed Adeel on his Telegram channel:
Screen capture: i.ibb.co/8nwQ5tL/Muhammad-Adeel-DS-issue.jpg
From Muhammad Adeel Telegram Channel, and I quote:
And then this from OneLife.eu BackOffice announcements, and I quote:
Seems Duncan may indeed be gone. So I guess this means all the big promises of the new DealShaker social media, Ebay type auctions, fast Jumio KYC, fast payment gateway, yada, yada, yada, is now gone or supposed to be done on the old DealShaker platform. Yeah right.
Amazing isn’t it not one update from “Corporate” ever has a name given for any “official” update. This is going to get good watching them try to make the old DealShaker do what the new DealShaker platform was supposed to do.
And the idiocy continues, and the believers all think this is a great thing.
Well, before the ink could dry on the above two referenced announcements, came this from Dealshaker, and I quote:
It seems we have an all-out war for control of OC happening. Why is anyone’s guess because this is toast. This is going to be interesting to watch play out.
In the meantime, Konstantin still sits in jail trying for a plea deal and Ruja is still in hiding and a fugitive from justice.
Still wouldn’t have published it a few days ago but good to see the intel came through.
No word on Arthur or the dev report yet.