OneCoin cops 2.5 million euro pyramid scheme fine in Italy
The Italian Antitrust and Consumer Protection Authority has fined OneCoin 2.5 million euro for being a pyramid scheme.
Italy was one of the first countries to take a hard-line stance against the OneCoin Ponzi scheme.
In early December of last year, the AGCM announced an investigation into OneCoin and ordered local affiliates to stop promoting the company.
The regulator cited the reason behind the investigation was suspicion OneCoin was a “deceitful Ponzi scheme”.
On December 30th the AGCM issued an interim injunction against One Network Services, effectively banning the promotion of OneCoin in Italy.
AGCM’s investigation into OneCoin continued and finally wrapped up in late February.
Despite OneCoin dismissing the regulator’s preliminary findings, the AGCM officially banned OneCoin in Italy on February 27th.
Despite the ban, undercover raids on OneCoin recruitment events revealed promotion of the Ponzi scheme in Italy was still taking place.
OneCoin was given ten days to cease any and all promotion of the company in Italy.
They were also required to provide the AGCM with a detailed plan of measures taken to ensure OneCoin was not promoted in Italy.
As of March 7th, ten days after the February 27th ban, OneCoin had as of yet failed to reply to the AGCM.
This prompted the regulator to warn that continued non-compliance saw OneCoin risk fines of €10,000 to €5 million euro.
Whether OneCoin ultimately responded to the AGCM’s ban is unclear. On August 10th however the AGCM announced it was fining the company 2.5 million euros for running a pyramid scheme.
The AGCM identify OneCoin as a “pyramid sales system” that sold “onecoins” to the general public.
The regulator referred to claims OneCoin sold “training packages” as “incorrect”.
(OneCoin’s) promotional activity was centered on the promise that the consumer, after acquiring a training package, could obtain OneCoins (through a process of transforming the rough currency called mining) and that later those virtual coins would have increased their value.
OneLife’s business proposal was therefore based on a false, high-profit return: for example, the purchase of the €27,530 package would have allowed a value of €3,000,000 after just two years of joining the program.
Pyramid schemes in Italy are illegal as per the Consumer Code, which is used to regulate commercial practices.
Citing “numerous evidence” gathered in conjunction with the Antitrust Special Department of the Guardia di Finanza, the AGCM fined
- OneLife Network €2 million euros
- One Network Services €500,000 euros
- Easy Life SRL €80,000 euros and
- the owner(s) of two Italian OneCoin affiliate websites €5,000 euros each
OneCoin has yet to respond to the AGCM’s fine, which as far as I’m aware of is the first monetary penalty issued against the company.
With affiliates unable to convert their Onecoin Ponzi points balances into cash and several top leaders bailing, OneCoin affiliate recruitment has slumped (Alexa).
The company is currently focused on trying to revive investment activity through promotion events in Africa and Vietnam.
Update 8th March 2018 – Following an appeal, an Italian Administrative court has reversed AGCM’s suspension of OneCoin.
The new directive has been issued while AGCM continues to investigate.
Fucking onecoin should be banned. So many lost money. Fucking scammers.
Assuming you were a member and lost money why don’t you sue or send your upline a note and ask him for the money back or you will complain to authorities.
If you weren’t write to those who were and advise them it is an illegal pyramid scheme which looks more and more of a scam on a daily basis.
Wonderful news, i’d say!
Will they pay, or just give a damned?Ruja and CO needs money elsewhere and for their living.
Where are you in the heat of EastEurope? You are awfully silent.
Gone to an Igloo.
Don’t know about you… but I miss Lee Oshea’s Taxi Lives!!!
Lee, come on mate… bring it back… bring it back… bring it back to me…
Or are you starting to loose hope too…?
Don’t leave your team Hanging…. You had loads of followers. surely you should send them and update.
Where is your Responsibility, Lee Oshea?
Stand up Man, for God Sake!!!!!
Hey, there Norway and Finland!!!
Kari Wahlroos on the way to visit you! 22-23/9Finland, 24-25/9Norway.
What happened in Norway really? Bjõrn,can you tell?
Awfully silent there as well…. Sweden too damn liberal conceirning Pyramids. Wake up for heavens sake. Disaster for people.
Thanks Italy!!! Really Good Work!!!
Huh? OneCoin is illegal virtually everywhere in the world since Pyramid schemes and Ponzi schemes are banned in most of the nations worldwide…
…oh never mind, I got your point. 😀
Everyone should report the Onecoin scam. It is a disgrace!
Ruja will blame “rogue affiliates” and it wasn’t OneLife/OneCoin’s responsibility for their actions and caused this action by the Italians.
After all she claimed that OneLife/OneCoin was not totally banned in Italy, just the “rogue affiliates” when the total ban was issued on Feb 27.
Now if Finland, Norway, Sweden and the UK would issue their criminal findings of breaking the law, it could be the final nails in OC’s coffin.
Who trusts a company like this? They are banned in most countries now they try to go to countries with lower incomes and try to steal there too?
Well it might be a first step but the Italian Government will never see this money as OneCoin isn’t officially active in Italy. They will never fill appeal neither as that would them be admitting they were there.
So as long as no personal top promoters in Italy such as the Steinkeller brothers were and people like Massimo del Moro who all knew what was coming and ran to other companies with the money they stole, nothing changes.
All the scammers move on to the next country or now seem to take more and more long Holidays without communication on Social Media.
If no cash can be withdrawn from converted coins how do you explain that Igor from The Netherlands made 2.1 million last month (as per BFH website) ? My point is that unless some country has the balls like India to start arresting some of these hotshots, they move onto the next country where people don’t frequent to much the internet.
What is needed are complaints, criminal complaints from real people against the persons that introduced them into the scam or did the presentations in public of the scam. Reporting loss of money and this is every country where warnings were issued already and governments made a public news release against OneCoin.
I would like to know when Sarah McGee and her worthless husband will be thrown in Jail… all the money they stole to enhance & brag about their lavish lifestyle.
Then they have the balls to say they are helping people in the ” Name of the Lord”… they might elude prison time here, but their souls will rot in hell, where they belong.
Enjoy bragging & traveling… your day is coming.
They should listen to the song “One Tin soldier” (“do it in the name of heaven – you’ll be justified in the end”). I am not an overly religious person, but they bother me.
SEE POST 7–regarding liberal Scandinavia and Pehr Karlsson
Pehr Karlsson -allegedly one of the early founders of Onecoin was convicted 3 years previuosly for embezzlement and fraud -=3 successful convictions and he was only fined and sentenced 500 having given back 9000 to two duped friends of his fathers. Naturally never mentioned this to early Investors (sorry students needing education)
In the meantime he camped in withe Steinkellers and shared stories–I RECALL IT WAS CONLINGUS BUT AFTER A WHILE IT ALL SEEMS TO MORPH INTO ONE BIG SCAM.
His father was correctly acquitted as he just introduced his friends to the son and the latter placed the money in his pwn accounts -to help feed his chronic gambling addictions
Yes they are liberal in Scandinavia but a criminal record is a criminal record so com]me on Sweden start arrests
Two words: “Gift Codes”.
Bullshit For Home.
@13 scambuster–SERIES OF ACTIONS
Yes -disaffected (aka the wise) need to
1 Complain to their local authority and make statements.
2 Write to their upline and ask for the investment back.
3 Call for an EGM of the relevant downlines.
4 Take civil action in the small claims court or
5 Aggregate and take group action against the local persuader.
6 Tell anyone who is till recruiting that they are breaking the laws regarding pyramid selling and send a copy of such correspondence to the Authorities.
7 Tell the press to write articles and the tv to broadcast programmes as well asthe radion.
TARGET IS TO CLOSE THEM DOWN BEFORE THEIR F—-G GALA DINNER IN PORTUGAL I BEGINNING OF OCTOBER.
Oops (sent prematurely)…we already know that BSfromHome prints whatever they’re directed to print. Notice how Juha Parhiala (think: “Papa1coin” [a Gift Code website Juha used to funnel funds]) has been declining in ranks, in name.
Rumour is he’s on to something else too! Possibly a “gold-backed” KleptoCurrency scheme. Udo Deppisch is on extended holiday and hasn’t mentioned OneLie/ OneCULT since ~June (as far as I can tell).
This leaves a limited number of greedy players still carrying on the facade: namely Kari Wahlroos, Jose Gordo, Mohammad Zafar, Mariana Lopez-Ward, Igor & Andreea Alberts-Cimbala, and a few no-name come-ups.
The fake coins are still stuck and worthless, of course, outside of the ShakyDealer platform – which Scam Detector put out some fantastic analysis on yesterday HERE: kusetukset.blogspot.com/2017/08/onecoin-clogged-dealshitter.html?m=1
The “Gift Codes” are where the money trail is. I’m bring told to keep an eye out for an interesting “Exposé” on the mechanics of how this channel works in more detail and it’s facilitators soooon 😉
2 million Onecoin members should do this now. Lodge many complaints about their losses, provide lots of information and make many follow up to check it is being looked at.
Share all over social media giving simple instructions on how to lodge complaints about the huge Onecoin scam in all countries.
@jack and Tim
I have simple templates to complain and will post them on this site later today–but get them checked out in your local jurisdictions -the law has little to do with jusrtice11
Gift codes have always been aback channel to secure additional profits for uplines. Karlsson was doing this in 2011 and it is mentioned in his convictions evidence (see 15 above)–in Sweden they are translated as “marriage” codes -like a dowry!
I have written to Dilkinska (compliance),Shaw and Karlsson( who established Ireland OneCoin) and Barrett (ditto) who is now fled to Portugal about what additional profit is made from Codes but no reply yet.
It is simple buy codes at discount eg Tycoon at half price and sell at package level and take cash–you get your 10% as well.
THE TRICK IS DON’T HAVE A CONSCIENCE–OR MAYBE A GAMBLING ADDICTION?
Further to post 20 above I have been asked to provide the detailed template below (Ozedit: No you haven’t. Please stop spamming this everywhere.)
Breaking: Onecoin/ OneLife “is not an MLM company,” according to MLM company/ pyramid sales company Onecoin/ OneLife.
And One Network Services Ltd is third party that is not subsidiary of OneCoin/OneLife?
Riiiiiight… In 2015 the OneCoin educational packages were paid directly via wire transfer to… One Network Services Ltd!
(Listed in here)
Oh and One Network Services Ltd. is the company that has registered following URLs:
Third party and blah blah. What a BS.
Whatever bullshit press release they publish, ONE LIFE NETWORK LTD and ONE NETWORK SERVICES LTD are still sanctioned in Italy because of running a ponzi pyramid scam.
(1) The ONECOIN compensation plan and the requirements contained therein are also explicitly part of the IMA agreement. The IMA must comply with the provisions contained in the current version of this document.
(2) By submitting an online application to ONECOIN, the IMAs warrant that they have read and understood the compensation plan and accept these documents as integral component of this agreement.
ALSO IN THE TERMS AND CONDITIONS OF march 2017
“an integral component of the agreement must” mean it is an MLM BUSINESS.