UK authorities returned £30 mill to OneCoin money launderer
Back in 2016 the City of London Police arrested Christopher Hamilton.
Hamilton had been reported up for suspicious transactions by his bank. An investigation revealed the transactions were tied to OneCoin.
Along with Hamilton’s arrest, the CoLP also seized £30 million in checks, purportedly sent to Hamilton by convicted OneCoin money launderer Gilbert Armenta.
At the time of the bust, CoLP declared it to be the “biggest ever seizure’ by a UK law enforcement agency”.
A year later CoLP handed back the £30 million and deleted their press-release.
After arresting Hamilton the CoLP learned he was already under investigation by the FBI. The FBI promptly put in an extradition request.
As part of Hamilton’s extradition proceedings, and testament to the fundamentally broken regulation of MLM related securities fraud in the UK, the CoLP were ordered to return the laundered £30 million to Hamilton.
As reported by the Times on January 23rd;
According to the extradition judgement at Westminster Magistrates’ Court in August (2017), the force agreed to return the funds because it had seized the cash unlawfully.
Apparently UK law is so busted that seizing funds from Ponzi money launderers is illegal.
After piddling about for another two years, the CoLP finally announced it was dropping its OneCoin investigation in 2019.
The FCA idly stood by and did nothing, even as mounting evidence showed the UK was an integral part of OneCoin’s money laundering network.
In 2020 the FCA signed off on a known OneCoin money launderer acting as “Money Laundering Reporting Officer” for another firm.
It remains unclear whether US authorities were able to recover the £30 million the CoLP returned to OneCoin in 2017.
Christopher Hamilton lost his fight against US extradition last August. Pending an appeal, Hamilton’s extradition still needs to be signed off on by the UK government.
As opposed to being released in the UK, due to authorities haven given up investigating OneCoin, Hamilton faces up to 40 years in prison if convicted in the US.