OneCoin scam warning issued in New Zealand
New Zealand’s Financial Markets Authority is claiming OneCoin has “the characteristics of a scam”.
The FMA issued a consumer warning against OneCoin following information received regarding
OneLife and OneCoin holding promotional events and seminars in New Zealand offering investment services in breach of New Zealand law.
OneCoin is not registered to offer securities in any jurisdiction it operates in.
Following an internal investigation, the FMA discovered OneCoin and OneLife were ‘withholding client funds and promising unrealistic returns‘.
OneCoin ceased honoring ROI withdrawals in January 2017. Although recruitment has mostly collapsed, the company continues to pay commissions on recruitment of new investors.
The FMA urges anyone in New Zealand who has invested in OneCoin to contact them via phone or email.