OneCoin delays public trading, abandons arrested Indian affiliates
When it was announced about a month ago that OneCoin founder Ruja Ignatova would be answering questions on a live webinar, it was assumed that probably wasn’t going to happen as advertised.
Yesterday the webinar took place and featured Ignatova, CEO Pierre Arens and top earner Sebastian Greenwood. Frequently glancing at notes, the trio attempted to answer pre-screened questions.
For OneCoin affiliates desperate to withdraw invested funds, Ignatova revealed OneCoin’s public trading plans have been pushed back to the fourth quarter of 2018.
Back in January Ignatova claimed OneCoin would “officially” be going public in the second quarter of 2018.
The second take-away relates to the recent arrest of OneCoin affiliates in India.
With Indian police labeling OneCoin a Ponzi scheme and charging Ignatova herself, there was an expectation among Indian affiliates that Ignatova would face the charges and work to clear both her name and that of OneCoin.
Those hopes have now been dashed, with Ignatova pulling support for the arrested affiliates.
All these peoples [sic], we have removed for compliance from the company.
These people get in trouble, get prosecuted by the authorities. And to be very, very honest, we also cooperate with the authorities on things like this.
We are speaking to the Indian authorities. We have delivered the names of the people who have violated the firm policy.
We have warned everybody in India not to do so and I have even stopped the registration process of India yesterday.
To date OneCoin hasn’t supported arrested affiliates in any country. This despite top affiliates and OneCoin itself having been caught out referring to the company as an “investment opportunity”.
OneCoin’s delay of six months to go public isn’t likely to sit well with affiliates. Back in January OneCoin’s ROI liabilities exhausted reserve funds and so affiliate withdrawals were prohibited.
Affiliates have been promised they’ll be able to withdraw again when OneCoin goes public, with that now still over a year away.
With the ROI on invested OneCoin points gutted, affiliate recruitment has stalled. Numerous top OneCoin leaders have left the company over the past few months, with many going on to push competing MLM underbelly scams.
Some of the more daring former affiliates have even gone on to launch scams of their own.
Outside of efforts spearheaded by a clique of European leaders operating out of Europe and Thailand, promotion of OneCoin globally has dropped off considerably. Established markets have cooled, with only South Korea showing investor growth over the last few months.
DealShaker, through which OneCoin affiliates can offload goods in exchange for OneCoin points, has seen website activity decline since May.
In June, 2016 at the CoinRush event in London, affiliates were told there’d be one million merchants within 18 to 24 months.
As of today, thirteen months in, there are just 37,646 “registered businesses”. Most of the offers on DealShaker are cheap goods out of China.
At the end of the day the promise of taking OneCoin points public has always been about dangling the carrot of riches in front of affiliates.
Outside of OneCoin the points are worthless. Why the public would want to invest in worthless points propped up by speculative investors for four years has never been explained – yet remains the cornerstone of OneCoin’s public value predictions.
As for India, the message received by the OneCoin affiliate-base is loud and clear: Get arrested for promoting OneCoin and you’re on your own.
Well Ruja tells it loud and clear at 7:33 “there are NO returns” Period! No investment, no value, nothing! Only education! And if someone thought he will gain some money or get rich with the coin, he simply hase not got the lesson 😀
Well, the affiliates of OC are definitely buying education, just not the type they thought and the cost is going to be devastating to them.
So with Ruja herself being given a charge sheet, does this mean she too violated company policy because after all it was the affiliates that brought this on themselves. So logically it means Ruja did the same. Well logically that is.
@Santa Maria –well noted–To remind our people we are involved in sales of educational packages -not investors and not selling coins and there are no returns.
She makes reference to abuses in India and mentions abuse of gift codes –this means that the leaders buy their codes cheaply though their special channels (leading back to Juha when he is offered a bottle of whiskey and company) and then sell them on at published value to the downline affiliates pocketing the hidden profit..theft from the start
Bitcoin and Ethereum are not competitors to OneCoin (thanks for the mention on that as they are open sourced and decentralised)but I seem to recall their strapline last year was we are the Bitcoin Killers–Lost that battle didn’t you Ruja.
Merchant build up “going to plan” with 37000 signed up businesses merchants over the last 9 months (cheap Chinese rubbish mainly) and the target is another 963000 in the next 6 months–yeh.
As she said there is always a big risk in cryptocurrency -in what we do and apart from delaying the alleged IPO it is now being hoped rather than targeting. I wonder which Asian exchange is going to handle the IPO –anyone know yet?
But as she admits (15.45) OneCoin is not the best cryptocurrency – which one is Ruja as we need to get our money back?
As she reminds us (30 mins) –“We know it is a bad world outside”.. So she reminds us to make all payments in the system and the Network has been taking cash since day 1 and few legitimate banks will touch OneCoin -as she says she cannot give you buyer protection if you do not make the payment in accordance with our systems.
I doubt if China Union Pay will sign up their credit card for any period of time if they do at all -Actually I am not sure I will be able to sign up for that Chinese card as I am based in Europe so presumably I will be forced to use your official distributors with cash and watch them walk off with the suitcase?
Finally, there was a lot of noise about coins not flooding the market.
left and right chains elements in the blockchain, see it works in the back office so I am asking our IT specialists to comment on those claims as I have no idea where she was coming from on that but I did hear her clearly state “WE CANNOT GO PUBLIC WITHOUT A PROPER CHAIN” “and they don’t have one yet”.
AUDITS ON THE BLOCKCHAIN WILL NOT BE PUBLISHED (they are useless anyway but remember that was the way to validate the transactions. The White paper will be made available after the IPO so presumably the Macau White PAPER IS NOW CONFIRMED AS WHAT WE ALWAYS SUSPECTED –toilet paper..
I TINK THE VIDEO WILL BE USED AS PART OF THEIR DEFENCE WHEN THE AUTHORITIES ARREST THEM EVENTUALLY –GET READY FOR MORE DEFECTIONS.
37:56 in that video: according to Pierre, to send OneCoins in the future from person to person, you will use XcoinX exchange.. That doesn’t sound very handy, when compared to easy mobile wallets of real cryptocurrencies.. 😀
Also funny what Pierre suggests: “If you want to send OneCoins to someone else, buy goods on DealShaker!”
I just wonder are the stupid members still celebrating after watching this webinar.. 😀
Pierre Arens seriously doesn’t seem to be the brightest person around. For his sake I hope he’s getting good money now, because after the scam collapses, it will be very hard to get any legit higher position career opportunities. So his options will be pretty much low position job, retirement or becoming a career scammer.
OneCoin CEO = career suicide.
oNECOIN -ANYBODY CELEBRATING OR DEFECTING
Spoke to a blockcahin specialiST and i am sure comments will follow but we-has no idea what Ruja;’s reference to left and right chains are all about????
Apart from ignorance is she confused about left and right legs in the binary commission or what?
IF ANY ONECOINER HAS ANY REALISTIC IDEA WHAT SHE MEANT TO SAY AND MEAN PLEASE POST HERE. YET ANOTHER ONECoIN MYSTERY..
And the webinar has inspired a long post from the village idiot Ken Labine – who of course conveniently doesn’t mention Ruja’s Indian charges.
Can we hope that an EU police force (preferably the UK) gets a warrant to arrest some of these parasites soon? And put an end to this…….
Their story is purposefully confusing and incoherent. Ruja says that they are only selling education packages, not cryptocurrency, not OneCoins as an investment opportunity.
But on the other hand they talk about OneCoin, with all its trading and exchange platforms, OFCs for IPO etc., clearly as an investment opportunity, as a thing having exchange value.
If they are only selling education why bother with the Onecoin in the first place? It is completely redundant addition to the whole thing if the real value is in the education-
An analogy:
A hooker-looking woman representing herself as “escort service provider” comes to offer you an escort service to a hotel room (while making all the relevant sexual innuendos but not explicitly promising more than the escort) for a hefty price (implying it is more than just a escort walk).
She demands an advance payment and you agree (because you are desperate and horny enough to be so stupid).
When you get to the hotel room door, she stops and says: “I believe we have arrived. I have now escorted you as I promised. Have a nice day!”
You reply angrily: “What the hell, you are a hooker and I thought we had a clear mutual undestanding that we are going to have sex !?”
She replies: “Like I told you, I only sell escorting services. I only escort people to hotel rooms, that’s the only thing I offered. All the sexual stuff in our talks was just idle fantasizing unrelated to my service.”
And when you pay her you get a bunch of IOU papers detailing explicit sexual acts…
(analogy continues as above)
BINGO! (Fwdd anonymously): It appears that Irina Dilkinska’s (Bulgarian) middle name is “Andreeva.” According to this document her present country of residence is United Arab Emirates:
SOURCE: beta.companieshouse.gov.uk/officers/mGPbqZfj0v-OEfD7pd7VH-g8XeQ/appointments
For anyone following along, this is SIGNIFICANT as it would further solidify that not only is Ruja Ignatova on the Criminal Charge Sheet of India’s EOW, but Onecoin/ OLN’s own ‘Head of Legal and Compliance’ “has been named as one of the main accused”(!!)
SEE: thehindu.com/news/cities/mumbai/2-more-held-in-onecoin-scam/article18475750.ece
EXCERPT:
“…The scam was busted in April 23 this year when 18 promoters of the scheme were arrested during a seminar organised by them at an auditorium in Juinagar. Keida and Pael were named as the 19th and 20th accused. Mary Beyance from Mauritius (b)and Ereena Andreva Belkinska from Bulgaria(/b)(sic?) have been named as the main accused.”
Irina (“Ereena”) with same middle name (and Bulgaria) is further linked to one “Fenero Tradenext Holding Limited” as per: solocheck.ie/Irish-Company/Fenero-Tradenext-Holding-Limited-580124
Another ending to the analogy above is that she hands you a card that says, “You’ve just been screwed, which is what you wanted.”
But but Ruja said they have been closely collaborating with the law re: the recent arrests. What a trooper.
Then she should have no problem turning herself in to the police since they issued a warrant for her arrest recently.
Sure! This reminds me somehow the verse of the Bible with camel and the needle’s eye…
HOOKERS AND ONECOIN
Reminds me of the joke doing the rounds in Sofai at the moment
Pierre-How is business Doctor?
Doctor -Great if I had another pair of legs I would reopen in Germany
(You need licence for both sets of business in Germany)
As I said multiple times as soon as the Cops start knocking they become a bunch of educators. And One coin play money to teach people about “cryptocurrency”. This is why this has lasted for so long.
The prosecutors have a hard time because this is explicitly stated in terms and conditions the face no buyer read it is the problem.
And honestly I think old Kenny boy is a true believer. He sold this crap to bunch of his family and friends and now is laying to him self about it being a good “investment”(For legal purposes not an investment).
He probably wont be able to look them in the eyes ever again. Feel sad for the guy.
@RiperZec – Onecoin changes their TOS like J-Lo changes outfits. Can anyone post a cached link or screenshots to any early TOS? Would be interesting to compare now, as the “education” aspect only became relevant after having lost like 20 bank accounts.
Finnish country director gave interview in 2015 and was explicit that they do not sell currency but education. Only education, not currency.
This story has been there since day 1.
The promoters know how to hide behind the TOS of selling education when they are questioned but when they promote they only talk about the coins and increasing value.
The promoters are publicly promoting outside of the TOS and the masses of foolish members do not read the TOS and just purchase what they think are a set number of coins that will increase in price.
The promoters know what to say to prospects and what to say when they are investigated and the members are just clueless fools unaware of anything.
@Otto – yes. I recall this now.
Here’s a great Swedish special from YLE TV on Sweden from this past winter:
https://m.youtube.com/watch?v=fdljovpccLg
(Translated by Crypto Xpose)
OneCoin was a scam from the beginning, people where fooled to believe it was a crypto currency, but there was never a block chain, so how was it ever possible????
Just admit, you have been fooled! Dont be fooled again!
archive.org has captured 18 versions of the TOS, the earliest dating back from August 2014: web.archive.org/web/20140822120115/http://www.onecoin.eu:80/page/details/terms_and_conditions
You can easily extract each TOS text into a separate file and make diffs from one version to the next.
At a cursory reading I haven’t found that early version particularly interesting, but other pages from the same period show that back then they were a little more shameless: web.archive.org/web/20140822095614/http://www.onecoin.eu:80/page/details/opportunity explicitly speaks of “investors”, in the context of currency appreciation:
Still, they didn’t make very explicit promises in writing. From
web.archive.org/web/20140822122102/http://www.onecoin.eu:80/welcome/products :
“Is for those who want” is a little weak.
I guess this marketing material will be legally binding to a lesser degree than a contract.
@L. – thank you. This is useful.
BTW: in regards to Onecoin strong arming: the Chris Principe v. Timothy Curry (aka: TimTayshun [- a “DJ” pseudonym I have used for 15+ years and have never “hidden behind”]) FEDERAL COURT Case will be moving forward, so it appears.
I’ve been accused of the following:
Any attorneys or legal aids can find more information here: pacermonitor.com/public/case/21058933/Chris_Principe_v_Timothy_Curry
Please feel free to reach out if you have data, evidence, additional legal assistance or information that you would like to contribute to this FRIVOLOUS LAWSUIT in support of my behalf.
(Character witnesses, victims of Onecoin SCAM, etc., who’ve been following my own [and community] efforts to expose the scam and any additional support are welcome – please comment herein and we will find a way to connect)
I appreciate your input. I’m easy to find.
*CENTRAL DISTRICT (@Oz – please correct typo)
I’m very sorry to hear about this continual harassment against you, Tim.
Those people don’t even have their own reputation to lose. Because we all know how it’ll end.
@ Timothy Curry
What is the position from Chris Principe in FINANCIAL IT? He’s not the owner. Please read more here:
onecoinscam.icyboards.net/showthread.php?tid=194
The old media kit of Financial IT back in the early 2016 referred Chris Principe as the publisher of the magazine. Principe can’t be found in the new media kit.
The founder of the magazine was named Muzaffar Karabaev also in the old media kit.
After getting involved in OneCoin Principe has launched also a new magazine called Fin-Future. The web site of the magazine has pretty much all of its contents stolen from various bloggers and web sites, including stock pictures that the original publishers have bought.
If someone postet this video here under this article already,delete the comment.If not prepare to lough!
youtube.com/watch?v=k5EP0g9foco&feature=youtu.be
OneCoin exit strategy
I have reviewed the Ask Ruja video but have circulated a copy of it to a number of Affilites asking for their comments –you should do the same.
the view is emerging that the Video is a reecrd of how OnCcoin would wish to be seen when the authorities get them in court . It suggests that violators are punished ,they are working with the authorities,seeking licences to trade in Germany and arranging for their lawyers to defend them when Affiliates misbehave . Pierre is therefore the face of governance who hasbeen brought in to front the boring stuff He is certainly meeting that objective.
Finally my IT specialist has no idea what Ruja is referring to when she talks about LEFT AND RIGHT DIVISIONS means in the OneCoin blockchain (Which doesn’t exist anyway) but now we know it is symmetrical???
At least the exit strategy makes sense
It’s unbelievable how unprofessionnal this video looks like.
Sebastian “master distributor” Greenwood flushing down the toilet at 20:03 being the icing on the cake…
Missed anything from the webinar, here is all the 18 questions and answers…..
Devision of questions:
Part 1- How should we deal with the bad publicity online, about OneCoin?
youtube.com/watch?v=eBaKwQN4v8s
Part 2- How would you address the arrests of OneLife IMA’s in India?
youtube.com/watch?v=Ok50oOMiBZ8
Part 3- What is the future prediction for members in Germany/Italy?
youtube.com/watch?v=NKyfbhADtdw
Part 4- Will the USA market reopen when the company goes public?
youtube.com/watch?v=_tIxOuRP2Y4
Part 5- Provide more information on OneCoin BlockChain/How does it work?
youtube.com/watch?v=QO19GuFslUo
Part 6- What makes OneCoin the Best Crypto Currency/Why is it safe?
youtube.com/watch?v=-mKT5Is0VWU
Part 7- Do you think we will reach our goals/Are we running behind?
youtube.com/watch?v=hQJBzXBAcmg
Part 8- Why Does KYC take so long?
youtube.com/watch?v=qgrt9JXLZUo
Part 9- Is the content of the white paper going to be published anywhere?
youtube.com/watch?v=17V_JnQG3hQ
Part 10- What are the future plans for DealShaker.com?
youtube.com/watch?v=2tj5rv_ywp4
Part 11- Will we be able to use credit cards?
youtube.com/watch?v=6tTOcHQDqDU
Part 12- What will happen with the coins after the IPO?
youtube.com/watch?v=LASTQQFoN28
Part 13- Which Exchanges will OneCoin be traded on after public launch?
youtube.com/watch?v=tcPsJJHkDYk
Part 14- When approx will OneCoin be launched as Public Crypto Currency?
youtube.com/watch?v=Tnv-3_iBqYc
Part 15- What are the benefits to Members when OneCoin goes public?
youtube.com/watch?v=PSKzAEP1_tI
Part 16- How will OneCoin users be able to send coins to other OneCoin Users?
youtube.com/watch?v=fvQy_HmiOr8
Part 17- Will there be Arabic translation of pages in back office?
youtube.com/watch?v=7dmBGAZSkCk
Part 18- Dr Ruja Ignatova Closing Statement
youtube.com/watch?v=mwEXILNswSA
#OneLif #togetherform
LOL…
One Life Newsletter
mailchi.mp/d86dea62aa97/jxkey6m9c9-700977?e=a0e0b3336a
The only people left using DealShaker are the Chinese scammers but. If they get rid of them, it’s just a handful of service offers from EU?
This is the fraud they are doing. I remember in some other document that I saw that the “coins” are a educational tool to learn about criptocurrency trading I just cant find a document. And if some mentions it’s and “investment” they can refer to “All information provided about the goods must be comprehensive and truthful.”
Maybe some one can point to what I am missing here, under what law should they be prosecuted.
I am not questioning if one coin a scam what I am wondering is it against the law and in what country.
Unregistered securities (wire fraud) and money laundering.
OneCoin solicits investment of funds in exchange for points it arbritrarily assigns a value to.
By its own admission that value only increases.
Up until the money ran out OneCoin permitted affiliates to “cash out” their points at an increased value to that when initially invested in.
This creates your classic Ponzi scenario, wherein newly invested funds were used to pay off existing investors.
On top of Ponzi fraud basic mathematics dictates OneCoin doesn’t have enough money to pay off each and every investor the full represented value of each issued point.
Offering unregistered securities is illegal in every country that regulates securities. Wire fraud or the equivalent is also illegal and typically regulated by the same governing body.
The US is typically recognised as having the most stringent securities regulation in the world. There’s a reason OneCoin pretends it doesn’t solicit investment from US residents.
Everything else is pseudo-compliance orchestrated to lull gullible investors into a false sense of security. Such is the nature of OneCoin and every Ponzi scheme before it.
@RiperZEc
THE IMMINENT END OF ONECOIN!”!!!
Clients are not entitled to sell or buy coins on the internal exchange.
That seems to be new as there was the facility to transfer coins for such purposes as gift codes.
Whilst xcoinx exchange is closed anyway this is yet another blind alley. What is significant is that from Ruja’s video last week the exchange will be presented as some kind of transfer vehicle but if that is so where is this limitation coming from..
I think they are just protecting themselves fro aclosure in the v ery near future and Arens is in charge of redundancies
Fraud, common law.
A Ponzi scheme takes your money on the basis of a false pretense – that it is an investment which can be expected to give you a return.
There is in reality no expectation of return and they intend to simply keep your money (other than the odd drib and drab to prolong the life of the scam). That’s one of the most basic definitions of fraud.
The fact that many prosecutors are not very interested in financial fraud because it is difficult to prove to a criminal standard, and because there are other crimes which have unwilling and non-complicit victims which they view as more deserving of their time, does not alter the criminal nature of the offence.
Oz you are most likely right onecoin is most likely classified as unregistered securities. But I don’t think that even in the US this would be a simple case.
I think the most important part would be to prove that it was onecoin it self buying the coins back it would be a simple case.
The terms and services were written with the intent of confusing the regulators on what they are doing
If you look at the Howey test a good lawyer could make a case. That
An investment of money – this was not an investment since coins were given away for free and people were buying the “education”.
An Expectation of Profits they will probably say the
And so no one should have been expecting the coins should be worth anything.
In a common enterprise
All the affiliates made money from marketing services
Depends on Efforts of Another
Again the
So you will be receive money based on you work.
And remember this was never intended to be a legit business this all was a façade to keep the Police away as long as the pyramid is working. And once the money runs out they will close the company and no one will be able to track down the individuals due to the international nature of the scam.
linkedin.com/pulse/20141125143442-132518611-what-is-a-security-the-howey-test-and-reves-test
linkedin.com/pulse/why-your-initial-coin-offering-probably-regulated-law-wan-cipp-us
@RipperZec
There is no but. Unregistered securities are illegal the world over.
Sure it would. For some reason the EU has made Ponzi regulation overly complicated. In the US it’s pretty straight forward.
That’s easy enough to prove with forensic accounting. The only verifiable source of revenue entering OneCoin is affiliate investment.
No matter how many companies they launder the stolen funds through, forensic accounting would show it is the same money used to pay affiliates a ROI.
have never been relevant in Ponzi litigation. Only whether you’re using newly invested funds to pay off existing investors.
Kevin Harrington… Kevin Harrington… Keving Harrington… why is that name ringing a bell?
Oh right, the collapsed Malibu Mastermind pyramid scheme.
Celebrity endorsements are a crock of shit.
you realize there are no coins right?
@Whip
This seems to be technically uncharted waters in litigation, UNTIL RECENTLY:
Securities and Exchange Commission v. Homero Joshua Garza, GAW Miners, LLC, and ZenMiner, LLC, No. 15-cv-01760 (D. Conn. filed Dec. 1, 2015)
Litigation Release No. 23852 / June 5, 2017
sec.gov/litigation/litreleases/2017/lr23852.htm
Similarly, it has now been 100% PROVEN through extensive diagnostic analysis and computer science testing that Onecoin HAS NOT possessed the “blockchain” technology which they have claimed, nor does it demonstrate any adequate cryptography, AND THERE IS NO “MINING:”
onecoinscam.info/blockchain-simulator/
In our opinion, taking the SEC’s Complaint, as quoted above, would be adequate for the prosecution of the scam and scammers “in the know,” or any self-proclaimed “cryptocurrency/ blockchain professionals, consultants or advisors,” or anyone else, for that matter, who may have happened to claim, “I was absolutely impressed with the technology backing OneCoin and their block chain…;” as this statement infers that
a.) this person DEFINITIVELY claims to have seen and/or “understood” Onecoin’s *blockchain and its “technology,” and
b.) it is impossible that he can substantiate proof of either, for clear and obvious reasons demonstrated in the immediate link above.
The fact that Block #22432 and Block #22431 show 122 billion and 129 billion coins “mined,” respectively, and just 60seconds apart, without rectification or correction of a “forking” chain, IS THE ONECOIN KILLER, since the total cap of ALL Onecoin which Will EVER exist (in OneCULT fantasy world) was set at 120 billion.
While Bitcoin experienced an early “quirk” in 2010 with Bitcoin block #74638 in which the output of 92233720368.54277039 BTC was sent, the network had to of course abandon that chain in order to carry forth and continue with new valid blocks.
Onecoin’s FAKE blockchain SIMULATOR’S quirk had no such abandonment, therefore invalidating all subsequent blocks and proving that even if a blockchain implementation was attempted, it never worked and remains broken and invalid, and that 120 billion coins is not even Onecoin’s total cap anyway!
The above link discusses numerous and ongoing problems which cannot be “explained away” as simple anomalies and demonstrates that there is zero relationship with any transactions in correlation with anything having to do with an existing blockchain.
And yet with no CTO (even after ~3 years!) and not a single known developer, there is no one in the company educated in cryptography and blockchain clever enough to even “make something up!” Lol.
The EU is a collection of 28 bickering sovereign states (soon to be 27), it simply doesn’t have the power to enforce the kind of comprehensive legislation and federal regulation that the United States government has.
There is EU-wide financial regulation but it covers the very high-level macro stuff like capital adequacy requirements for banks, plus footling stuff like how big a font you must use to disclose charges on mutual funds.
Dealing with Ponzi schemes is essentially up to the individual member states, who fall broadly into three categories:
– those who have outright told people not to invest in it and/or are actively investigating whether there is a case for intervention (e.g. Sweden)
– those who consider it an irrelevance as the scam has virtually no presence in the country beyond a few ethnic minority enclaves (e.g. the UK)
– those who are run by Ruja’s gangster mates (i.e. Bulgaria)
To return to the point – the case is simple. Money is solicited on the basis that it is an investment on which a return can be expected. This is a false pretense and no return can be expected. This is therefore fraud.
The defence that investors are not purchasing an investment but plagiarised PDFs is tissue-thin and easily disproved by the mountain of evidence that OneCoin representatives are, overtly or covertly, promoting the packages on the basis of a future return and not “education”, plus the fact that no-one of sound mind would pay tens of thousands of pounds to buy several identical PDFs of plagiarised material.
Whether or not prosecutors and regulators bother to prosecute does not change any of that.
@Timothy Curry I don’t think you understood my point completely. If onecoin has a legit blockchain (and of course they do not) is irrelevant, since they are “giving them away for free”.
And if someone complains that the organization sold them coins they can just say it’s a bunch of “independent marketers” that wanted to use one coin to scam people.
Almost half of the document was dedicated to terms in regards to marketers having to be “honest” in what they are selling.
This was there “legal” strategy from the get go throw affiliates under the buss when thing start getting heated.
I find this interesting and the whole, if you buy A you will get X amount of coins for free legality questionable but not necessarily illegal.
Well you might be right, but only in the case the “leaders” of the company had been straight lined on that point! But how onecoinscam.info/ shows, this is not the case and this as a fact beyond reasonable doubt.
Sure, there is the IMA-agreement on one side, which may formally guarantee some kind of safeness in a first moment, but if authorities dig only a little bit, they see quickly, that substantially everyone in the high levels of the scam is avare that the agreement is only a part of the scam itself.
But even more important fact is, that the same people in the high levels push their down lines to sell more and more packages and use return as an argument for it.
@RiperZec You seem to place a lot of significance on “they can say”.
They can say that they were selling education and not coins, they can say that selling was done by independent marketers and OneCoin is not responsible.
If the police catch me breaking into a bank with a sawn-off shotgun, I can say that I’m a stripogram and they interrupted me before I could start my act.
The police, judges and juries do not automatically have to take everything a defendant says at face value.
If what they say is tissue-thin bollocks that no-one would reasonably believe then they can look through it.
@Malthusian
Well put -tissue thin bollocks indeed.
That is why I am pleased that there will be a jury and they will see through all the gobblydegook
Winning this will be a great precedent and counter claim ==say that all the co conspirators they allege are behind Tim now also want their investments back .. I think Oz has videos of Ruja specifically referring to the Affiliates as “investors” so he might send that to Tim.
Good luck Tim
The more I read the more I think that onecoin scammers are actually clever.
onelife.eu/en/ima-agreement
onelife.eu/en/terms-and-conditions
You will not find any references to cryptocurrency, blockchain or anything like that. Only generic “coins” and only tree times where it’s said you are “not guarantee that and how many coins will be received”.
I think what they are doing is analogous to I used car salesman making you a pitch about how good the car is, and when you read the contract they listed all the faults with the car and explicitly say the car will brake down in a week.
I think you might have a case for explanation of mentally handicapped people because I have no idea why would anyone agree to this in any capacity.
Zeek Rewards said it sold penny auction VIP bids. The SEC shut it down and now the founder and several insiders are in jail.
TelexFree said it sold VOIP packages. The SEC shut it down and now one of the founders is in jail.
Regulators don’t care what a Ponzi scheme says they do. They investigate and shut them down for being the scams they are.
I’ve written about some top investors marketing OneCoin as a Ponzi scheme and OneCoin itself referring to investment in its own marketing material.
Haven’t seen a video with Ignatova using the word though.