OneCoin facing fines of up to €5 million EUR in Italy
Back in December the Antitrust and Consumer Protection Authority (AGCM) ordered the suspension of OneCoin promotion in Italy.
In early January OneCoin responded to the AGCM’s promotional ban by claiming they’d ‘never promoted OneCoin and/or OneLife in Italy‘.
In late January police raids on recruitment events revealed OneCoin was still being promoted locally.
This prompted the AGCM to confirm OneCoin was a pyramid scheme and ban the company from operating in Italy entirely.
As of March 7th OneCoin has not responded to the AGCM’s ban.
As per the AGCM’s order, OneCoin must
- suspend any activity concerned with the promotion and dissemination of OneCoin and training packages related to it and
- communicate to the AGCM the successful execution of this suspension and the relevant procedures within ten days of receipt of this decision, by sending a detailed report which should be explained the measures taken.
The AGCM’s ban was implemented on February 27th, so by my count OneCoin’s ten day reply deadline has now passed.
As per Italian law, continued failure to provide the AGCM with a detailed report and cease of OneCoin promotion in Italy could see the regulator issue fines of €10,000 to €5 million Euro.
Aron, Christian and Stephan Steinkeller (collectively known as the Steinkeller brothers) are from Italy and head up One Dream Team, possibly the largest affiliate downline under OneCoin management’s positions.
The Steinkeller brothers are currently busy recruiting new OneCoin investors in Spain and South America. Mid last year Ted Nuyten reported the Steinkeller brothers were stealing approximately $2 million dollars a month from new OneCoin affiliates.
Like the company itself, the Steinkeller brothers have not publicly addressed their home country banning OneCoin.