OneCoin @ BehindMLM

As I’m used to covering US legal proceedings, how indictments play out in Germany is a little strange. But bear with me. Last November three OneCoin money launderers were indicted. Those indictments have now been approved by a District Court in Munster, paving the way for a criminal trial.

Keeping with the tradition of throwing its affiliates under the bus at the first sign of trouble, OneCoin has distanced itself from Ukraine government partnership claims.

Episode one of Netflix’s new Money: Explained mini-series features OneCoin and BitConnect. Both are MLM Ponzi schemes that bilked investors out of billions of dollars.

Two interesting updates have come from a May 27th Status Conference in Sebastian Greenwood’s criminal case. The first update is that efforts to negotiate a pre-trial disposition of the case have thus far been unsuccessful. As explained by prosecuting DOJ attorney Nicholas Folly;

Late last year OneCoin scammers began pushing the narrative that the Ukrainian government had entered into cooperation with the Ponzi scheme. Yesterday the Ukraine government issued an official statement, denying any partnership with OneCoin.

Around the same time US authorities began looking into OneCoin, Dubai’s General Department of Criminal Investigations raised money laundering concerns. How the parallel investigations concluded however, couldn’t be any more different.

Class-action defendants OneCoin, Ruja Ignatova and Gilbert Armenta have had entries of default recorded against them.

As part of Ruja Ignatova’s quest to sidestep finance regulations and avoid regulatory attention, Sheikh Saoud bin Faisal bin Sultan Al Qassimi sold her an Emirates banking license. The deal took place in September 2015 for $16 million USD.

A report from Kuwait’s Ministry of Interior alleges ties between OneCoin, Ruja Ignatova and “terrorist groups”. The leaked 2015 report, put together by the MOI’s Criminal Investigation General Department and marked “extremely confidential”, identifies Ignatova as

A Suspicious Activity Report from Mashreq Bank has provided insight into OneCoin’s ~2015 banking woes. The report, filed by the Mashreq Bank’s Audit, Fraud & Compliance Group, is dated September 1st, 2015. Affected customers listed are