OneCoin conviction appeals in China mostly denied (Ignatova still MIA)
Back August/September it emerged that thirty-five OneCoin affiliates had been arrested in China.
In a ruling that pretty much certified OneCoin an illegal pyramid scheme across China, affiliate sentenced ranged from probation to “several years imprisonment”.
Appeals against the sentences were filed, with a ruling handed down a few days ago.
As per a December 27th ruling by the Zhuzhou Intermediate People’s Court:
- five affiliates had their appeals rejected (sentences stayed the same)
- two affiliates had their appeals rejected for being improper
- one affiliate was given permission to retract his appeal
- five affiliate appeals were upheld and their sentences vacated
The remaining twenty-two affiliates will pay penalties and/or serve out their sentences as originally ruled.
Sentences given to the OneCoin affiliates range from four years to ten months and fines topping $230,535 USD.
The $2.1 million authorities recovered at the time of the initial arrests was ordered to be handed over to the Chinese treasury.
OneCoin itself began to implode globally in the second-half of 2017.
Top affiliates fled the sinking ship for top positions in similar Ponzi schemes, many of whom also convinced their OneCoin downlines to follow.
To the best of my knowledge none of these scammers have taken responsibility for their role in the promotion of OneCoin and victim losses.
Ruja Ignatova, OneCoin’s founder the last remaining executive, hasn’t been seen or heard from in public since mid 2017.
Last we heard she was sailing around Bulgaria in a $15 million dollar yacht, believed to have been purchased with stolen OneCoin investor funds.
To date Bulgarian authorities have given no indication they are investigating OneCoin or any of its principals.