Germany freeze OneCoin’s bank accounts, issue cease and desist
German authorities began investigating OneCoin mid last year. In the immediate aftermath of the investigation announcement, OneCoin lost its Deutsche Bank account.
The conclusion of the investigation, led by the country’s top financial services regulator, saw remaining known bank accounts in the name of IMS International Marketing Services GmbH ordered frozen on the 17th and 20th of February.
As acknowledged by BaFin, IMS International Marketing is one of the many shell companies OneCoin use to launder invested funds around the world.
BaFin’s reasoning for the freeze is OneCoin’s lack of appropriate regulatory registration.
On behalf of Onecoin Ltd, IMS International Marketing Services GmbH had investors who had bidden to buy “OneCoins” transfer the sales price to various accounts held by IMS International Marketing Services GmbH with different banks in Germany and forwarded the money on behalf of Onecoin Ltd to third parties, based in particular outside of Germany.
BaFin see OneCoin’s business model as a “money remittance business”, which requires authorization from BaFin.
Owing to it being a Ponzi scheme, globally OneCoin hasn’t registered with a financial services regulator in any jurisdiction it operates.
Instead, the company spends its legal budget soliciting opinions on the legality of Ponzi schemes to circulate on social media.
Despite an estimated 29 million EUR frozen in German bank accounts since February, OneCoin to date has made no public announcement regarding BaFin’s freeze order.
BaFin identify OneCoin as a Dubai corporation and escalated the bank freeze with a cease and desist issued on April 5th.
If IMS International Marketing Services GmbH fail to “immediately cease and wind down” all operations in Germany, BaFin have threatened the company with fines totalling 1.65 million EUR.
Outside of IMS International Marketing Services and bitcoin, OneCoin has no publicly known vehicles to solicit investment through in Germany.
Part of IMS’ “winding down” requires OneCoin to return recently invested funds to affiliates (as of April, 2017).
Unfortunately for duped OneCoin investors though, BaFin are unable to assist them with fund recovery. The regulator claims it
does not have the right to decide as to the validity under civil law of the “OneCoins” sales contracts. It may therefore not answer questions of this nature.
What’s particularly interesting about BaFin’s press-release is they reveal
between December 2015 and December 2016, IMS International Marketing Services GmbH took in, in total, approximately 360 million euros ($381 million USD) on behalf of Onecoin Ltd.
Just a few days ago, OneCoin had Business For Home publish a PR fluff piece claiming the company was taking in $500 million a month.
From $381 million dollars invested annually to $500 million a month in just a few short months? It doesn’t really add up, does it.
Update 28th April 2017 – On April 27th, BaFin issued a cease and desist banning OneCoin from operating or being promoted in Germany.
Update 23rd January 2024 – Ted Nuyten quietly deleted all OneCoin coverage on BusinessForHome in January 2024.
This article originally contained links to cited BusinessForHome articles. Due to the deletion of the content, those links have now been disabled.
Nuyten hasn’t publicly addressed why OneCoin coverage on BusinessForHome was deleted.
Ponzi math: How do you convert billions of OneCoins with a monopoly money value of 9 EUR each or whatever it is, with $360 million USD (minus recruitment commissions and Ignatova’s real-estate fund)?
Guess that’s why affiliates haven’t been able to convert OneCoin into money since January.
@Oz the “Bafi press release” hyperlinks refers to businessforhome
Fixed, thanks for catching that.
this is great news! after italy, germany has now outlawed onecoin. onecoin has self-outlawed itself in the US, and hopefully the UK police investigation will lead to onecoin being banned there too.
as onecoin is not registered to do business anywhere in the world, many european countries have in the past, issued Warnings to their citizens from doing business with this company.
now we are seeing countries take the second step of banning onecoin altogether.
as onecoin is run through a maze of companies registered offshore, it may be difficult for individual countries to find the resources to unwind the whole of this complexly organized scam. the best they can do is ban onecoin in their own country.
technology has given scammers like ruja ignatova access to victims across the world in real time and without borders. yet regulators are bound within the jurisdiction of the physical borders of their own countries. this is a serious imbalance, with regulatory capabilities lagging far behind technological capabilities of the world today.
time for an international regulatory body fashioned after the UN court of justice? technology is making us ‘globalist’ and cross border crime will require a globalist mindset to solve it.
Based on the info supplied by behindmlm, kusetukset.blogspot.com and Tim Tayshun, we know the following German bank accounts. Dates are estimated Start and End dates.
Not directly connected to OneCoin, but probably with account holder IMS International Marketing Services GmbH:
According to BaFin’s press release the frozen 29 million euros is included in the total sum of 360 million euros.
Also I’d suspect that OneCoin had already abandoned the bank accounts of IMS International Marketing Services GmbH in Germany after December 2016, because BaFin’s report doesn’t indicate that deposits were made after the period of 12/2015-12/2016.
@Ari
The freeze order was made in February though. If OneCoin had abandoned the accounts prior to the freeze order why would they have left 29 million EUR in them?
I’m not a professional in banking, but I suppose the banks that had the accounts of IMS International Marketing Services GmbH had already halted money transfers from the accounts prior to BaFin’s freezing verdict.
So I see the BaFin’s press release as a sort of closure of investigation considering money laundering suspicions.
This is a final freezing of the assets available in the accounts. 29 million euros was all that was left of the total sum of 360 million euros that were transferred through the shell company’s accounts in Germany.
Also the last publicly known bank account of IMS International Marketing Services GmbH was (supposedly) frozen in August 2016.
Fair enough. Shutting down Ponzi scams in Europe is so complicated and tedious.
Much simpler in the US!
This came out April 1st can you verifiy please: cointelegraph.com/news/onecoin-to-be-listed-on-coinmarketcapcom-humbling-ethereum
Onecoiners seem to believe this is true.
Sure: en.wikipedia.org/wiki/April_Fools%27_Day
People who invest in Ponzi schemes and attest to their legitimacy tend to be, by nature, rather gullible to begin with.
By that time most of the funds from European investors/victims where redirected to United Overseas bank in Singapore.
Of course they also had at least one other account with an African bank, so the total amount of money OneLife scammed from victims worldwide in 2016 is probably considerably higher than the 360 million euros mentioned in the Bafin article.
Even that amount however will probably not even come close to the billions OneLiers claim to have taken in. By the end of 2016 some scammers where claiming OneLife already generated a billion a month. Just to try and impress prospects and of course create an increased sense of urgency: Get all your money in now. You can’t afford to miss out! This rocket is taking off!!!
Unfortunately for them, the Bafin article is one more sign that their rocket is soon to get sucked into a giant black hole. Along with all their money.
@Oz
In my opinion this is misleading sentence. BaFin talks solely about IMS and its cease of business, not about OneCoin/OneLife. Sure, IMS operates as one of the OneCoin’s shell companies, and exactly that – a shell company, and this shell company got the “cease business” order, not OneLife/OneCoin.
Imo your article is misleading here, and could be even harmful, because Onecoiners probably will say something like “look we are operating In Germany just as before, BMLM article is wrong.”
I’d think BaFin would be aware if OneCoin was operating in Germany through other shell companies?
I read it as OneCoin through any shell company are prohibited from soliciting investment in Germany because they aren’t registered with BaFin.
If one OneCoin shell company isn’t authorized to solicit investment in Germany by proxy none of them are.
@Oz, But OneCoin doesn’t have to move money through shell companies in Germany. They can operate using Bitcoins payments, Perfect Money payments etc.
I do not see this decision meaning that OneCoin has to or will stop selling its packages in Germany.
How OneCoin’s shell companies solicited investment wasn’t the problem. BaFin has banned OneCoin from soliciting investment in Germany period.
If the company continues to do so (via any vehicle) it is doing so illegally and subject to being fined.
Otherwise they’d have just prohibited OneCoin from using German banks and called it a day.
I do not see it this way, and I expect OneCoin continue selling packages in Germany. I do HOPE that you are right, I’m just afraid that’s not the case, and if OneCoin continues operations in Germany, you are just doing harm to BMLM credibility by making too far fetches conclusions.
Imo it would be better to be safe, until we know more what are the real consequencies of this BaFin announcement.
Historically companies that have banned OneCoin have tanked (China and Italy).
China is nowhere to be see on Alexa stats for the OneCoin or OneLife websites, but is ironically the largest source of traffic to DealShaker.
Recruitment in China is dead but there are lots of desperate Chinese affiliates looking to get something before the inevitable collapse.
I expect the same will happen in Germany (currently 4th to OneLife and 5th to OneCoin).
No doubt some rogue affiliates will still promote OneCoin in Germany but that doesn’t change BaFin’s cease and desist.
OneCoin doesn’t officially operate in the US yet it’s the fifth and third largest source of traffic to the OneLife and OneCoin website respectively.
Oz, you might have misinterpreted the BaFin’s verdict. It says IMS has been collecting the money from German investors and transferring it to offshore accounts.
IMS should have gotten a licence from BaFin for money remittance operations, which it failed to do and now their accounts have been frozen.
BaFin hasn’t declared that IMS is OneCoin’s shell company or ordered OneCoin to cease and wind down operations in Germany. It is only IMS that must comply and is no longer able to collect money without a license.
Sure they have.
Collecting money on behalf of OneCoin = shell company. Only reason OneCoin doesn’t use its own company name is because the bank accounts get shut down faster than they can open them.
IMS == OneCoin. Let’s not pretend it’s an independent entity.
Sure, there is no doubt about that, but BaFin cannot and won’t say that because that would be outside their jurisdiction.
I don’t believe there is really anything stopping Ruja&Co from opening IMSv2 GmbH tomorrow if they want to.
OneCoin is on BaFin’s radar, this time they won’t need months to investigate.
OneCoin/OneLife originally had bank account in Dubai by the name of OneCoin Ltd. and two accounts opened by two shell companies owned by OneCoin Ltd.: “One Network Services Ltd.” and “One Payments Ltd.”.
After those bank accounts got frozen, none of the bank accounts that lasted for more than few days have been opened on names of anything “One” since 2015.
No account by the name of OneCoin, OneLife, One Networks or One Services have lasted. Latest attempt was this year in Spain where bank account of “One Payment for all S.L.” lasted for few days.
Instead the OneCoin bank accounts that actually were able to keep the money flowing at least for some time were under name of International Marketing Services (namely Tanzania, Germany, UK and Singapore bank accounts) or even further steered names like “SAFA Trading”, “Vernada Trading”, “Eastern Project Investments”, “Foshan Everbright Import & Export Company” and “Educamax Services”.
Reason quite clearly is that the names are already blacklisted. If they opened “International Marketing Services v2 GmbH” tomorrow, the bank account would be frozen before Ruja&al. even got access to it themselves!
I still say that imo it’s 90% sure OneCoin operations continue in Germany.
This was about banning money remittance through IMS. Nowhere has been said that OneCoin can’t sell its products directly in Germany.
Problem here is, that if Oz is wrong, Onecoin leaders will make use of this issue, saying that: “Onecoin operates normally in Germany, see how “bloggers” spread wrong information”, and it makes our job who operate against OneCoin again harder.
I think that the main point here is, that authorities in Europe are more and more aware of the problem and that at least proceedings against private persons (like in Italy) and smaller companies (like in Italy and Germany) are made public! So the name “Onecoin” is more and more known as to be related with dubious and shady business.
Even if Ruja and co. will continue to operate like they have done till today, there are significant consequences for onecoiners in these countries. From now on none of them can be credibly say they weren’t aware of what was going on behind the curtain.
It seems that at least in Germany civil actions for compensation against them (not against the company!) are possible, tax authorities will have a closer look to them and if they helped in the transfer of money they could be criminal liable for money laundering.
So if they continue promoting Onecoin, they are moving on very thin ice now!
OneCoin doesn’t solicit investment directly in any jurisdiction. The whole reason they use throwaway shell companies is so they don’t have to open the books to regulators.
OneCoin continuing to solicit investment in Germany would be like Charles Scoville launching Traffic Monsoon v2 in the US.
If anyone is uncertain,go on mail BaFin and ask them for further clarification.
bafin.de/EN/DieBaFin/Kontakt/kontakt_node_en.html
I actually do agree on this that Oz should keep the text in this post aligned to the BaFin announcement.
The critical difference is – indeed – the fact BaFin order applies to OneCoin shell company IMS International Marketing Services GmbH, not to OneCoin itself.
They do duly note that IMS operates “on behalf of Onecoin Ltd”, but the orders are not given to OneCoin Ltd but to IMS International Marketing Services GmbH.
Besides, this post is still excellent read and some very bad news for OneCoin even if the title would be changed to “Germany freeze OneCoin’s bank accounts, issue cease and desist of OneCoin’s shell company“. 😉
To err on the side of caution, I’ve edited a sentence in the article to better reflect BaFin’s ruling applies to IMS International Marketing Services.
You should have figured out by now that it doesn’t matter what Oz or anyone else posts.
OneCoin supporters will spin it however they see fit.
Do you see any mention of “education packages” in the BaFin order?
Nope.
The order states
Sooooooo, BaFin just doesn’t understand the OneCoin/OneLife business model in much the same way that the SEC doesn’t grasp the Traffic Monsoon business model.
Or, BaFin is simply part of the corrupt evil governments that fear OneCoin and the freedom it gives it’s users.
To the OneCoin believers, it doesn’t matter that in reality OC/OL were selling tokens to be converted to coins by attaching them as “bonuses” to plagiarized and overpriced education packages.
They’ll simply spin it however they feel they need to.
I think we’re kinda splitting hair here.
OneCoin is *effectively* dead in Germany as IMS is the primary conduit of funds out of Germany for OneCoin. And BaFin obviously already conducted a forensic financial investigation to make that determination to close IMS
Yes, there’s a bit of whack-a-mole here, as it’s true OneCoin can find some other poor sucker launcher IMS V2.0. However, I doubt any more Germans are willing to offer themselves up as leader of IMS V2.0 as you can bet BaFin had put out a secret watchlist for all the OneCoin leaders within Germany, and soon, all over Europe.
OneCoin is getting too large to be ignored by all the Eurozone financial authorities, and there are existing mechanisms to stop money laundering, and let’s face it, a scam like this is a bit of money laundering.
The power of money…
In a move that obviously wasn’t approved by OneCoin management, Business For Home published an article covering the Bafin OneCoin story:
The article was pulled offline within a few hours.
Meanwhile in Latvia, Kari Wahlroos’ 750,000 to 800,000 EUR Ferrari is raising eyebrows.
we have to remember that regulators in different countries have different styles and different restrictions on how they enforce the law. there are a lot of technical issues involved when a regulator wants to stop a foreign company from doing business in it’s jurisdiction.
onecoin is not registered in germany, is not selling anything ‘directly’ in germany, and the german regulators cannot say – hey, we think you’re a ponzi so stop!
however, ‘IMS International Marketing Services GmbH’ is a limited liability company in germany, collecting money for onecoin from german citizens without permission, and there is a specific law to stop that.
if ruja and her team of oneconners want to split hair and say that onecoin hasn’t been banned but only IMS is banned due to non registration as a money remittance business, let them prove it. they should register a new company with BaFin for collecting onecoin payments, and see how quickly they get their ass thrown out.
pretty sure ruja ignatova is ‘editing’ it to achieve the perfect ‘spin’.
Regarding Kari’s Ferraris: I’m pretty convinced both Kari and Ruja have built a very literal money stash somewhere a long time ago (for the future when the Ponzi pops). Now it’s more like spending off the excess surplus.
It would be nice to see all the millions gathered by OneCoin to be demanded back but I doubt that will ever happen.
someone made a copy of the article on businessforhome before it was pulled down:
moneymadepersonal.com/german-regulator-freezes-ims-an-onecoin-company-for-unauthorized-payment-services/
lets wait and see if ted nuyten republishes this article and what spin is added.
in light of the Bafin ‘cease and desist’ a german law firm is already encouraging investors to file their claims for the money frozen in german bank accounts:
anwalt.de/rechtstipps/kryptowaehrung-onecoin-bafin-sperrt-konten-naechster-grosser-kapitalmarkt-skandal_103664.html
onecoin will probably spin the BaFin press release to imply that the regulator didn’t find anything wrong with onecoin’s ponzi business model.
but, BaFin is a financial regulator, and at the very beginning they had stated that their investigation into onecoin was regarding:
CLEARLY BaFin’s interest was in onecoin and not IMS. IMS being a vehicle of onecoin was systematically targeted by BaFin to stop onecoin’s activities in germany.
BaFin has not investigated onecoin’s business model and hence has not approved it in any way. it’s obvious though, that Bafin had ‘OneCoin in their sights’ for being a ponzi, and was looking for a way to stop it.
on the other hand in italy, the Italian Antitrust and Consumer Protection Authority (AGCM) which investigated onecoin along with Special Unit of the Financial Antitrust Police, came to the conclusion that onecoin was a ponzi/pyramid scheme and banned it in feb, 2017.
this is because investigating ponzi/pyramid schemes is within the authority of the AGCM [vemma was deemed a pyramid by the AGCM].
so, italy and germany have taken different routes to reach the same goal – to halt onecoin’s activities in their jurisdictions – and any amount of spin ruja ignatova puts out wont change the facts.
What was he thinking, lol.
What an odd error on his part.
@Dave Wilson did you read the article.
Because if you did I have and apartment to sell you in Turkey dealshaker.com/en/deal/new-family-friendly-complex-with-a-lot-of-facilities-in-city-blue-oba/1E1WBswlUCUpbuSmMjCnKi8KIGKXkC62KDY5x4i3aJk~
Saved from Google cache here:
Business For Home – German Regulator Freezes IMS – An OneCoin Company For Unauthorized Payment Services
Indeed BaFin complete ignores the sale of “educational packages”, but instead talks about:
– companies that market virtual units, which they declare to be a cryptocurrency
– investors who had bidden to buy “OneCoins”.
So it looks like they consider the “Promotional Tokens” which come with the packages to be financial products. And that is perfectly true.
See also onecoinonelifefacts.blogspot.com/2017/03/aim-of-onelife-network-is-not-to-sell.html
awwww looks like ted nuyten got properly spanked by his mistress rujamama, because he ain’t saying a word about the BaFin action anymore.
with so much money stuck in banks around the world which froze onecoin accounts, the xcoinx exchange was shut down, and investors are still struggling to understand how they got scammed:
best of luck guys ^^
STARTING SOON! LIVE ONECOIN WEBINAR ON LONDON CITY POLICE INVESTIGATION, FRAUD CASE AND MORE!
Here it’s the moment we’ve been waiting for. Expect some of the Top Scammers on the whole company to be watching! McMurrain, Labine, Boughey, Gotdo, Ludbrook and more!!!
COPY/ PASTE:
NOTE: THIS WILL ALSO BE CARRIED LIVE OVER FACEBOOK WITH UNLIMITED VIEWERSHIP. IT WILL ALSO BE RECORDED AND DISSEMINATED FAR AND WIDE TO EVERY CORNER OF THE WORLD, AND WITH AS EXPEDIENCY AS POSSIBLE
Here’s a capture of the Business For Home article covering the BAFIN Onecoin story: ibb.co/kVdqt5
Pakistan now outdoors warnings on OneCoin, swiscoin and bitcoin related MLM schemes:
propakistani.pk/2017/04/14/secp-warns-investments-bitcoin-others-pakistan/
inspite of the BaFin action, onecoin affiliates in germany are carrying on as if nothing has happened.
leaders are calling the BaFin action nonsense and say that [onecoin] lawyers are working on the problem:
what will the lawyers do? – IMS is banned, funds are frozen and BaFin says onecoin is a criminal mafia related fraud.
at the most these lawyers will word a press release for ruja which will say that they are ‘disappointed’ by the action of BaFin and are ‘working to solve’ the problem, as they are such a ‘transparent’ operation.
such a press release would mean zilch and would do nothing to change the situation for onecoin in germany, where it is now effectively banned.
top german leaders appear to be holding recruitment events even after the BaFin announcement, as evident from FB postings a few hours ago.
they are also planning a grand annual meeting of top recruiters from the region in august,2017:
these guys are in denial. they think they can continue the scam right under the nose of german regulators who have said that onecoin is “one of the most dangerous money games of recent years” and think that onecoin is related to a “collaboration between the Bulgarian and Russian mafia”.
Here is good example of individual claims against your upline but you may wish to customise it for your local jurisdiction!
(taken from the Gerlach report)
More and more readers ask the same questions: “I have invested in OneCoin and have been deceived. What do I have to do now?”. Since OneCoin is a sophisticated fraud system, one must find the simplest solution. And it looks like this:
Installations
With this simple but efficient criminal complaint, you can immediately, quickly and cost-effectively “the atom bomb of the little man”. The success is guaranteed.
Inform in a next step (after the position of the complaint) your agent or the person who has talked about this investment or holding. He pays your money, you share that the prosecutor’s office ( enclosing the then existing shop sign ) with .
The criminal investigations are usually terminated when the polluter makes the damage good again. So get your money back.
I think there are a number of platforms against which OneCoin can be targeted but essentially two levels
1. The corporate lies eg no blockchain .ipo, merchants.
2. Your local upline.
With the amount of noise out at the moment re OneCoin there should be increasing realisation that the schemes are dying and that the pyramid scheme is now running out of gas and turning into a recognised scam.
What would I do if I was passive —-I would write to my upline and his upline and also copy Compliance and state you want your investment back, supply copies of the receipt you were given (may be a called a sign up sheet) and if relevant identify the date of purchase, the code used and number of tokens a -identify whether you paid cash card or by bank transfer and in the latter two cases state the transfer details and send a copy to the intermediary.
If you paid by code ask the upline what was the price to him /her for the code and if discounted why was such reduction offered to you.
Indicate that you wish the full return of your full investment and ask the immediate upline to organise the same as the licensee for the OneCOin/Onelife and the receiver of the money and expect the money to be paid to you within two weeks.
Get a recorded delivery receipt or an acknowledgement.He is responsible for the sale of the product which has been knowingly miss sold.
Similarly for Actives but also Ask for a meeting and ask him to make himself available to your downlines as you wish to let your downline respond.
Let them send similar mails to your upline and grandfather upline but apologise for your part in this scheme as you now consider the scheme is a scam.
Particularly seek answers regarding taking cash payments,selling discounted packages by code.purporting to sell effectively worthless educational products and not coin investment,no terms and conditions made known before purchase and no reference to alleged cooling off periods.
Collect all documents and send them with a formal worded complaint to your local consumer protection agency and ask them to acknowledge and investigate . The reference no can be used as proof that you ware a known creditor when this goes bankrupt with a global receiver and you are a registered claimant..
Let your national /local press know -a crime reporter will be fine and get him to interview the upline and do an article on OneCoin/Onelife. Local merchants might also be interviewed.
you may choose to take the upline to court to recover the investment and if there is any basis for additional criminal activity eg coercion make a statement to the police. Decide whether you wish to report the matter to the Tax office or talk to your accountant to be able to freely declare the loss.
Don’t hide your head in the sand -being ignorant is not a crime but continued active recruitment in OneCoin will be as there is also the danger of very annoyed downlines and their and your personal safety.
Hope this was helpful . I am doing this here in Ireland and threats of Court proceedings are futile — the last place the scammers want to be!!!
Lawyers like to make money but if you can get a newspaper, a consumer protection agency and the lower cost level courts (or conscientious pro bono lawyers involved the better –good for their social profile.).
Hope this helps and I am asking Jennifer McAdam in UK who has defected to comment on this as a possible route for her and her downlines.
I understand OneCoin was her third MLM so she should be able to share good break up practice with the community. Tim Tayshun might like to respond as well.
There are many individuals ready to defect so we should assist that momentum as well as leaving the authorities to do the big stuff. Every week millions are being siphoned off.
Regards
@cryptokill
I believe I sent you a link to the WhatsApp support group? Please join so we can share some of the documents you’ve put together.
Nigeria has also just set up a support network for victims via Telegram.
If these efforts can be replicated regionally, we can expedite some bit of justice for the victims.
@cryptokill… Ah yeah.. Good luck with that. That is totally absurd to think that anyone is actually going to get their money back.
These are organised thiefs and they exist everywher in Onecoin.
@sterling wirth
I appreciate that any recovery will be very difficult but as I see it I have more chance of disrupting onecoin locally through the known cheats than the big guys who are the responsibility of the authorities.
Consequently, I am focusing on what I know and will share that with other Affiliates and get them to share their knowledge of individual misdemeanours around cash, discount codes, haevy seeling, lack of clarity re investment vs education, lack of resposne to questions etc etc.
Can jennifer please advise us how discount codes were managed and where any additional money went eg hidden profit as if this is true many affiliates were fleeced from day one and that was essentially direct theft while looking at you face to face. THAT WILL ANNOY A LOT OF PEOPLE AS THE SCOPE FOR UPWARD BLAME IS IRRELEVANT.
i realise the return of money is unlikely in any significant terms but this process will, I believe, hasten the demise of onecOin and put down local markers on the Pioneers etc next time they come with another scheme.
It will also possibly bring some closure for those who need to disentangle themselves from the impending shit storm who were primarily duped. It is a question of degree and the real scammers are the tip of this and we will undermine them ..
Will keep you posted and please Jennifer let us know your thoughts on the right things to do.
You are in the middle of seeking to exonerate yourself for your involvement and your insights may be helpful.
Regards
Getting your money back from the company is indeed highly unlikely. However some uplines might have stashed some money away.
Let’s face it, if you’ve been successful enough to climb the ranks of OneCoin/OneLife you have probably figured out by now that you are scamming people and that the ponzi pyramid will inevitable collapse at some point in time.
Any scammer with half a brain would put some money aside for a rainy day. The best way to get your money back would probably be to sue some of the OneLi(f)ers personally.
Of course you might see the occasional dumbass scammer who still believes the coin actually has value. In that case they probably believe they are going to by millionaires by this time next year when the coin is supposed to go public.
In that case you can only hope they have spent the money on assets and/or products that can be seized so you would at least have something to show for.
@NoSellOut
I agree, they will no see any money from company, either from uplines. They pay for educational packages, so there are no school for free, specially no for SO GOOD ONE LIFE ACADEMY.
Maybe they are not able to understand that this is scam,but deep in hard they all know that this is unreal, specially this diamonds level, like Jennifer.
So, I think that she only want to save her skin now, when she realize that there are huge investigation in UK.
Thanks for the comments from NoSellout and CZ .
I THINKS IT IS GOOD NEWS THAT JENNIFER IS OUT SO PUBLICALLY AND WHILST HER MOTIVATION MIGHT BE DEFENSIVE.
IF SHE CAN GET OTHERS TO GO DOWN THE SAME ROUTE AND HELP US GIVE A GOOD TEMPLATE TO GET OUT AND PREVENT VIOLENCE AND SUICIDE I AM WILLING TO GIVE HER THE BENEFIT OF THE DOUBT.
THAT SAID SHE HAS MY PHONE NUMBER AND I AWAIT HER CALL.
Keep up the good advice,
Regards.
I would hope that the best way to resolve the issue of compensation is to adopt the British confiscation model.
Which explained simply means that the likes of McMurrain Labine Boughey and O’Dhea to name just a few of the scum thieves – would have to repay the turnover (revenue) they had received or processed. Which would without doubt bankrupt all of them and remove all their assets / houses and new Mercedes.
They know they’re selling vapourware – take everything off them. Now.
Latvian auto mag continues to closely follow Kari Wahlroos’ Ferrari.
Recently the rego was changed from Latvia to Estonia. Might be because the car can’t be legally registered in Latvia (???).
Also it seems Wahlroos never learnt how to park properly and enjoys parking his Ferrari in handicapped spaces.
delfi.lv/auto/zinas/foto-dzeltenais-ferrari-tagad-ar-igaunijas-numuriem-saskrapetiem-diskiem-un-invalidu-stavvieta.d?id=48753799
well, his moral compass is disabled. i guess that’s a handicap too!
Well, here we have 2 handicapped idiots. Very proud Muhammad Zafar on ride with the Ambassador Wahlroos in Latvia.
m.facebook.com/KariWahlroosAmbassador/?__tn__=C
the german publication gerlach report has an article about kari wahlroos dated april 18, 2017.
they allege wahlroos is the boss of onecoin and is laundering funds through a bank in hongkong:
i don’t think he’s the boss, but he’s definitely in the ranks of the top trusted lieutenants of ruja ignatova, along with sebastian greenwood, juha parhiala etc
gerlachreport.com/news/onecoin-kari-wahlroos-ab-in-die-zwangsjacke
@alterego: Good point. The British confiscation model would indeed be the best way to punish onecoin scammers. I hope authorities in various countries take this as an example and strip these thieves of all their assets and expensive toys paid for with their onecoin proceeds.
@MOI #58
You are 100% right! Kari and Muhammad are idiots. According to this photo they are disabled persons…
most probaly intellectually disabled persons = idiots 😉
m.delfi.lv/auto/article.php?id=48719727#!dgs=dgslv-97881:5806995
@alterego and sell out
let us know what the confiscation model is and the particulars of the process -particularly if we are not British
Suspect we need an International lawyer to send out a template
@tim tayshun
I sent you a private mail with possibilities here
Regards
Am wondering if Macau Business News would do a story on #OneCoin prior to their event?
macaubusiness.com/category/news/economy/
Hi Cryptokill
How it works is simple. Anyone convicted of an offence involving dishonesty (particularly fraud) is at risk of facing a confiscation order. These are extremely powerful and the objective is to deprive felons of their ill gotten gains.
The crux though is in the wording. The confiscation is based upon the “benefit” received. In the case of scammers like Boughey and O’Shea if they sell educational nonsense for say 1000 Euros and net 5% in profit under the law the benefit is not the 5% – it’s the whole lot.
So put simply any convicted Onecoin scammer is losing all their assets and being forced into bankruptcy.
I think that the scheme will collapse very shortly hopefully with the high profile arrest of some “industry leaders”.
I only became interested in this due to an attempt to sell it to my girlfriend – and I am now fascinated by the way smart people become indoctrinated. I’m tempted to write the book.
Have you sent them as much info as you possibly can?
@MOI – I do as much as I can, but am also working full time and involved in other projects. In short, no. But many hands lighten the load 😉
None of us has time for this, and it doesn’t pay. I know a lot of people in these comments section contribute often. Am hoping one or two readers can maybe shoot a few links and opening sentence to them.
@Tim I certainly will!!
Heres the latest from gerlachreport. Im not surprised of the threats but someone has to be very ruthless conceirning OneCoin Scam. Comments from the editor
gerlachreport.com/news/onecoin-alle-fakten-ueber-den-millionen-skandal
@Myalterego
thanks for that and I assume the ability to apply the confiscation order is following criminal rather than civil action,
I have drafted this out and sent to Tim for discussion with his group. Drop him a line with any better wording or process?
Same applies to any other reader and particularly any barrister or someone with access to same!!
THIS THE ADVICE I PROPOSE SENDING OUT TO THOSE WHO WISH TO INDIVIDUALLY COMPLAIN
CAN YOU CHECK THIS OUT WITH UK KNOWLEDGABLE BLOGGERS TO CONFIRM ANY PARTICULAR IMPROVEMENT OR INDEED ONE OF THE LAWYERS WHO IS AVAILABLE TO ASSIST IN THE DEMISE OF THIS ARTROCIOUS SCHEME.
I don’t want to give direct advice which would fail as a result of legal technicalities but would anticipate benefits in getting in the actions asap as pressure will help and we want knowledgeable defectors to come clean re elements such as discount codes and hidden profit.
I am hoping Jennifer McAdam can advise Tim so that we can confront the uplines with this blatant theft -if this is indeed the case
Regards
oZ
threads seem to be dying and I assume that is partly because there are 3/4 3 /4 of them running at the moment
Can we start a thread entitled –how to get your investment back from OneCoin /OneLife and I am happy to kick it off . start with the post above or consolidate some earlier relevant comments?
4 threads are dying
Regards
From what exactly?
I thought this was behind mlm!
Not how to get refunds from scams!
If any breaking news comes out behindmlm is sure to post it to the appropriate thread I am sure of that.
In the meantime I am sure there is enough activity on facebook for anyone interested in refunds of anykind.
@cryptokill
Uh, this is a blog. I publish MLM news and reviews, not how to guides.
Oz has posted nearly 140 articles regarding OneCoin.
Some gain traction, some don’t. As new articles pop up, older ones fade away.
Since BMLM is not an activist site, those of you with a personal stake in the outcome have to do it elsewhere to keep everything organized and in one spot.
Ok SOUNDS IF I GOT THAT WRONG!!
Anyone still believe this BS…
Hope the OneLife Newsletters are numbered.
mailchi.mp/onecoin/jxkey6m9c9?e=a0e0b3336a
Thank you MOI got the link to the Onecoin /Onelife weekly newsletter. I see that near the end of the drivel is a sanction for breaking the T’s and C’s. The “fine” is up to 5100 Euros for being naughty.
My girlfriend (who was nearly roped into this nonsense but is far too smart ) wants to know if it can be paid in Onecoins ?
I think we should be told. Laughing !
Ruja talking about Macau.Accompanied with the Swedish Scammers Tavakoli and Nilsenius.Nothing changes, whatever you come up with.White Paper, Promises, Going Public…
youtube.com/watch?v=bKe5k-UQX4Q
OneCoin will always be The Worst Ponzi.
Lol. Latest from gerlachreport.
gerlachreport.com/news/onecoin-alle-fakten-ueber-den-millionen-skandal
18 Onecoin scammers arrested on Sunday for hosting ponzi seminar!!!!
SOURCE: google.com/amp/www.thehindu.com/news/cities/mumbai/18-held-for-organising-ponzi-scheme-seminar/article18202122.ece/amp/
18 OneCoin Scammers Arrested – Yes!
So much for the “we’re selling education” lie!
They came to listen to the presentation and then arrested ALL 18 involved! Justice is coming to all OneCoin and iPro Network scammers…. Big League!
So, it’s no longer a question of legality (never was). It’s now just a matter of how to go after the scammers.
The momentum is building – who’s next?
I await the day to see my top 3 go down:
Ken Labine
Sarah McGee
Tom Mcmurin
Not really.
OneCoin will claim what they always claim, rogue affiliates promoting incorrectly.
@ Chris
Maybe you missed what I thought was a fairly straightforward point.
These regulators sat in on the entire presentation and took the appropriate action. Of course, OneCoin can “claim” anything they want. But think about it for a minute. One word: self-preservation
Hmmmmmmm. Do we risk being arrested “for giving a OneCoin presentation” or listen to this mystery lady from Bulgaria?
That IS news.
Germany has now totally prohibited Onecoin/onelife, any advertising or sale activity is now an offence! Yay! So pleased!
In Uganda onecoine/onelife available I have registered already thanks.
@Jimmy
Didn’t know Uganda was part of a German cease and desist order
Quickly ask for your money back within two weeks as you have atrial period–well at least you asked.
Don’t you read what is written regarding OneCoin
@crytokill is it possible those people to return back my money because they are not registered?
@JIMMY
OneCoin has conditions which allow revoking the contract within two weeks so you will need to look at your contract. My contract which is now 15 months old says
You are registering with ONECOIN as an entrepreneur and not as a consumer and therefore do not have the statutory right to revoke this contract. Nevertheless, ONECOIN is voluntarily granting you a right to rescind this contract within two weeks.
If you are saying you don’t have a contract or are registered then your money has simply been stolen by your recruiter . You should contact the police anyway and get the guys arrested.
If your money has been placed with OneCoin and you are signed up you have two weeks voluntarily but again they don’t keep their promises anyway .. good luck
also send a copy of your revocation to Irina Dilkinska who is the compliance lawyer.
I AM SORRY FOR YOUR TROUBLE.
@jimmy – Jen McAdam, a former Onecoin “Double Ruby” leader in Onecoin, now acknowledged victim, is the ONLY leader who’s left Onecoin and begun rattling cages.
She began a Onecoin Victim Support Group for her Team and downline, initially, in late March/ early April, which has now gained interest and been open to victims, globally. There are around 300 in the group now, including victims from Uganda, Nigeria and Tanzania (in fact Uganda has now set up a smaller and more focused Onecoin Victim Support Group).
The function of the group is to share and document experiences, provide evidence, messages, images and video of how recruits have been/ continue to be miss-sold by both their upline, the known ring-leaders, and the very company, itself.
Another aspect of the group is litigation and “asset recovery.” Several attorneys are now in the group, along with some international media, moles/ spies for the company, there are various ranked “diamond leaders” even, as well as (….), but 95% are victims, like yourself.
While we wish to get the word out about the group for ANYONE wishing to join and either participate or just “listen” – some still are holding on to fleeting hope, others still ashamed at falling into company indoctrination, while there have even been 2 instances in which Onecoin spies have attempted to disrupt the group by posting/ spamming hardcore pornographic and gay porn images (which, unfortunately has caused a few of the Muslim victims to leave the group before moderators were able to ban the perpetrators), we’re cautious of posting the invite links too publicly (so as too avoid the porn attacks).
However, if you’re on Twitter, you can follow/ message me at TimTayshun (Twitter ID: @ezCoinAccess) and I’m happy to share the link.
The group is also sharing relevant information with Law Enforcement and Authorities, internationally, where member victims have been targeted and affected.
The only Group Rules that will get anyone banned are:
1.) absolutely NO promoting other “opportunities” (this is not the time nor the place)
2.) posting porn to disrupt
Otherwise, the group is censorship free. All questions and concerns addressed and discussed. Debate welcome (which WILL get you kicked out of ANY actual “Onecoin/ OLN” group).
There is something seriously disturbing about having to have rule number one if these people are calling themselves victims.
@Char – Just to be clear, Networkers will invade ANY group with potential recruits. It is VERY RARE that the victims in the group do any such thing. That’s not why the “victims” joined.
However, occasionally people will infiltrate either for the sole purpose to disrupt or promote, in either case they get a quick boot. It’s rare, but happens.
Manon Hübenthal, Managing Director (CEO) of IMS GmbH, has earned 2,966,972 euros in commission payments with the OneCoin scam. This sum has been seized by a German court. On the other hand, Manon Hübenthal has complained. And lost the process! The Higher Regional Court in Hamm has confirmed that the judgment is final:
NOLINK://mueller-roessner.net/olg-hamm-verdacht-eines-auf-zag-verstosses-kryptowaehrung-onecoin-kann-arrest-von-3-millionen-euro-rechtfertigen/