OneCoin an “illegal MLM” in Colombia
The Superintendency of Societies is a government regulator in Colombia charged with overseeing companies operating in the country.
Citing a new law introduced earlier this year in January, the Superintendency of Societies has issued a warning against OneCoin.
Differentiating OneCoin from legitimate MLM companies, the Superintendency of Societies claims OneCoin is ‘not contained within (the group of) companies (that are) legally constituted as multilevel (marketing companies) in Colombia‘.
According to Francisco Reyes Villamizar, Colombia’s Superintendent of Companies, a law passed on January 24th, 2016 requires legitimate MLM companies operating in Colombia ‘must establish a branch in the country‘.
OneCoin has no physical presence in Colombia which, according to Villamizar, means it ‘cannot act as a network marketing company, or be a commercial representative for this class of foreign companies (MLM)‘. They are also prohibited from claiming OneCoin affiliates who reside in Colombia constitutes the operation of a branch there.
Addressing OneCoin’s business model, the Superintendent of Societies warns:
For a company to offer multilevel compensation or commissions that pay independent affiliates, commissions must correspond proportionately to (retail) sales (of products) and not be generated by the mere act of recruiting new people into the company.
BehindMLM first reviewed OneCoin back in late 2014. Citing a lack of retail activity in OneCoin’s business model, we concluded it was a Ponzi scheme.
A secondary concern raised about OneCoin is its use as a currency within Colombia.
According to the Superintendency of Societies, who cite a Bank of the Republic resolution;
The only monetary system permissible in Colombia is the peso (notes and coins), so other mechanisms, as in this case “Onecoin”, are not a means payment of legal tender with unlimited liberatory power.
Consequently, the “Onecoin” is not an asset that has legal equivalence to the legal currency in Colombia not having been recognized as currency within the country.
Neither is OneCoin an asset that can be considered a currency, according to the criteria of the International Monetary Fund, since it neither has the support of the central banks of other countries and therefore has no financial power.
I’ve described the currency warning as a secondary concern, because as per OneCoin’s Ponzi points business model, affiliates are unable to use OneCoin as a currency.
Since conception, all you can do with OneCoin is invest in them and cash out a tiny percentage each week permissible by the company.
And even then OneCoin has a history of declining permissible withdrawal requests, as evidenced by the litany of complaints their affiliates routinely publish on Facebook. Most of which are quickly deleted by OneCoin staff.
OneCoin and their investors had previously boasted they had 500,000 merchants willing to accept OneCoin as payment, once 30% of OneCoin’s had been generated by their script.
30% of OneCoin’s were generated earlier this week, yet no announcement regarding the 500,000 merchants has been made. OneCoin themselves have yet to even acknowledge the 30% milestone.
How do they know anything about the script? Isn’t it just something as fake and corrupt as the business model appears to be?
The script is run by OneCoin, they just set it to produce X amount of Ponzi points a day and distribute that to their investors.
“X” amount per day equals exactly 1,440,000 BTW (ie., 1,000 ponzi coins per minute)
Illegal in Columbia!
Bam!
Whoot! Whoot!
Wow!
Truth!
This is Awesome! I about fell out of my chair laughing! Sheep can be so gullible!
WTF! ILLEGAL IN COLUMBIA?
Ruh! Roh!
Nevermind!
OneCoin’s Facebook Page getting hammered with posts about “OneCoin an “illegal MLM” in Colombia”
A check with NOLINK://scamadviser.com/ reveals:
Tom McMurrain is sneaking into some broadcasts to spread the disease of Onecoin in the U.S.
Spotted this on his Facebook page: youtube.com/watch?v=1tsinp56sP0
He has also been in “the New Currency Show”: probusinesschannelusa.com/the-new-currency-show-episode-002/
…and the next warning (onecoin = ponzi > german word “Schneballsystem”), -now SWITZERLAND:
aargauerzeitung.ch/schweiz/experten-befuerchten-neues-schneeballsystem-in-der-schweiz-130222645
For me this information from Columbia as I understand from the translation is not very negative. Its just about the regulations in this country.
Which deems OneCoin an illegal MLM opportunity there. Also the regulator mentions the use of newly invested funds to pay off existing investors.
Tom mcMurrain has been on a broadcast advertising the one coin scam, hosted by a fella called Grant Cardone. Grant appears to be a self styled “motivational speaker” (no idea what that is, but he seems to be quite popular).
It looks like Grant cosy’s up to alot of the ponzi pimps/ leaders – Joby Boughy and Lee Oshea to name 2.
According to Wikipedia Grant Cardone is a member of the Church of Scientology:
en.wikipedia.org/wiki/Grant_Cardone
There’s a lot of rich (or/and stupid) people to exploit in the Church of Scientology so it could be a gold mine for ponzi scammers.
Perhaps you’re avoiding the real question: what are the chances that something that’s illegal over there STAY LEGAL over “here”?
ProBusinessChannel is not a real interview show. They claim to be a business channel, but it’s really an advertising venue. This is straight from their own FAQ:
They don’t seem to charge the guests $$$, but they’re not a real show. It’s basically a “pretend interview”… infomercial.
lol #Iknowwhatyoudidthere
i found some complaints on the official onecoin FB page, which have escaped the onecoin admin staff, for now atleast.
lets place them on record here:
we know onecoin wont answer so um, ken labine??
i found this hilarious conversation on ken labines FB page dated 20th april, 2016:
so, 1.8 mil is like 60% of the earths population! boy are we underpopulated!
and, don’t you just love the way Jesse J refers to onecoin as ‘Onecon’! 🙂
ken labine and his ardent fans are redefining ‘stoopid’ at a whole new level!
There’s a scent of Finnish trolls on the air.
Quite sure it was a mockery not being serious 🙂
“Financial IT was NOT a Paid cover and advertorial!” – Ken Labine (Onecoin Team Pimp)
Sorry Ken: youtu.be/cODVlxpe964
I just finally got my copy today of Finacial IT February Issue. Please take a look at what I found. This is just ANOTHER PAID ADVERTISEMENT from Ruja Mamma, essentially the same as the FAKE Forbes cover and advertorial, but even cheaper!
PS. For those in the “know,” this is a long, meticulous and 100% video, aqs I walk through it from opening the mail package it was in to comparing it with the January FIT issue, page for page.
So you don’t need to really bother unless you are into it (or want to comment/ share the video)… but it definitely exterminates any lingering questions about the ad – which is why I shelled out the $19.95 to purchase it.
I’ll try to make a shorter one soon. Maybe it will even end up being a collectors item??
Have you noticed that the Chinese mega event that was suppose to be at 23rd of April didn’t happen?
I’ve been looking for information on it. Read that it was cancelled prior to the 23rd, figured nothing happened when zero confirmation the event took place surfaced.
A reader mentioned Chinese authorities a few weeks back, haven’t been able to confirm anything yet myself.
well, the Whootomaniac ken labine has gone back on his promise of smashing eggs on his face, if onecoin did not announce 50,000 [100,000 ?] onecoin accepting merchants in april, 2016.
now he has conveniently shifted the goal post to june 11, 2016 and he has unilaterally announced that the company will introduce its huge merchant base in its london annual event, on that date. onecoin itself, has not given any such indication.
there is a very good reason behind labine refusing to bathe in egg and shifting the goal post. with his FB spiel and youtube rants he has managed to get enough idiots to invest in onecoin, and has earned enough commissions to travel to london and paris in june!
nothing like recruitment ‘fast and easy’ commissions to make a man averse to egg on his face!
i mean, why settle for egg facepacks, when you could just as easily make excuses and run off to london and paris, right?
at least, now ‘onecon-ners’ Know where some of their money went.
They’ve got two months to come up with some bullshit as to why the 500,000 merchants (who were “already signed up and ready to start accepting OneCoin”) aren’t available.
We know it’s because they don’t exist but Ponzi investors that deep into the fraud will continue to believe anything.
Shanghai CCTV and Government taking legal action aganist Onecoin in China!
yicai.com/news/5006896.html
I can’t insert Chinese here, this block me several times. So u guys look into the Chinese and Google Translate to English!
Thanks for the heads up Leo. I took your source and did some research of my own.
Turns out that press-release was just the tip of the iceberg.
PS. Is it Wong or Wang?
went twice to Medellin, Colombia …I have affiliates there and they have meeting every week…..
So what? WCM777 was there too. Now let’s see if you folks get reported on TV next, shall we?
Onecoin lists FAKE HEADQUARTERS ADDRESS in Columbia!
ORIGINAL IN SPANISH (BELOW) Video and Article (Report)
TITLE: Investigación a ONECOIN: ¿Puede operar legalmente en Colombia?
Published on Jun 30, 2016
Ver artículo completo: aspronet.org/investigacion-a-onecoin-puede-operar-legalmente-en-colombia/
La Asociación Profesional de Networkers ha iniciado una investigación sobre el inicio de actividades comerciales de la empresa ONECOIN en Colombia. Esto es lo que se ha descubierto…
youtube.com/watch?v=ZK1uX1T4ULE
Quick translation:
Aspronet (Colombia) decided to check out OneCoin Colombia, after the “Superintendency of Companies” already determined OneCoin is NOT registered to do business in Colombia.
OneCoiners in Colombia are depositing money into account of “Esencial 24/7”, which is an active company registered in 2014. However, the registered address in a local mall does not exist.
Esencial 24/7 is registered as a clothing seller, but the address unit given in the mall is a phone seller.
The closest clothing seller to that unit number is a completely different business. Receipt from both stores are attached, proving that there are no matching business. Thus, one wonders where did the money went.
Apparently the authorities in Colombia are also sound asleep. Video from December 6, 2020 with two OneCoin scammers from Colombia with telephone number and email address:
Oscar Cometa Iza – Country Manager Colombia
share-your-photo.com/0371765cd7
Paula Burbano – Country Manager Colombia
share-your-photo.com/f28b4c11b7
youtube.com/watch?v=LAyPpwlhWGA
Uploaded by the Italian OneCoin scammer EraldoOne:
share-your-photo.com/8a90edabfd
PS: In February 2020, Luis Segura was named as DealShaker Country Manager Colombia:
share-your-photo.com/3922315615
Video from May 24th 2021:
I recognize the top scammers Luca Miatton and Cristi Calina in the video:
share-your-photo.com/36e3bb75e1
The following names are also mentioned:
Seongmin Choi and Ioana Ochenatu.
Uploaded on the channel “one money” from Vietnam.
youtube.com/watch?v=kv1uAep8B-Y
Two OneCoin fraudsters from Colombia in a video from June 8, 2021:
Yohana Espitia and Oscar y Leidy.
share-your-photo.com/31e2bb84b8
youtube.com/watch?v=9GCPz8-rej0
The man to the left of Yohana has no name?
In another video from May 2017, she gives her full name: Yohana Espitia Giraldo and her OneCoin partner is Christian Hernandez:
youtube.com/watch?v=ilr36FO2enE
The Yohana Espitia Giraldo channel with 67 videos:
youtube.com/channel/UC60mbFCGo3bYpEd-V4TyVOw/videos
Continuation.
What’s going on with OneCoin – OneLife – OneEcosystem in Colombia? The last four videos of Yohana Espitia (full name Yohana Espitia Giraldo) had a total of only 30 views!
share-your-photo.com/930ea9b07f
A video from April 10, 2020 still had 964 views:
share-your-photo.com/a3ad716b72
youtube.com/watch?v=n_0FiGxS5EY
Yohana Espitia’s partner, Cristian Hernandez, commented enthusiastically:
share-your-photo.com/64b05709c2
Have Colombians also finally realized that they have been deceived by Yohana Espitia Giraldo and Cristian Hernandez?
On Instagram, Cristian Hernandez and Yohana Espitia were presented as “Diamonds” of OneEcosystem in July 2021:
share-your-photo.com/4e83af1992
instagram.com/p/CREff-Ar0-U/?img_index=1
OneCoin scammer Cristian Hernandez has his own YouTube channel with 120 subscribers:
share-your-photo.com/41b9bbbf72
youtube.com/@CristianHernandez-fw1ed/videos
On an older YouTube channel of Yohana Espitia Giraldo there are also still videos about the OneCoin scam:
share-your-photo.com/7ed8baad68
youtube.com/@Myjobys/videos
The contact details of Yohana Espitia Giraldo:
share-your-photo.com/de96cd9b91
Three OneCoin scammers together in one photo: Yohana Espitia Giraldo (DealShaker Country Manager Colombia), Mauricio Garavito and Andy Buenaver:
share-your-photo.com/e678ce2e44
Another pair of cheaters from Colombia.
Efrain Gonzalez and Flor Alba Marino, “Blue Diamonds” since February 2019.
On Instagram, the following screenshot has been removed, but I found the same photo elsewhere:
share-your-photo.com/167cbd2969
Only one old video from June 2017 remains on their YouTube channel:
After being very disappointed with Amway, they switched to OneCoin.
share-your-photo.com/8f88e1c4ac
youtube.com/watch?v=Cd7hX1eShLk
It has been common for years for OneCoin scammers to advertise but not give their name. This is also true for this OneCoin scammer from Colombia on LinkedIn, who only calls himself “Forex businessman”:
share-your-photo.com/1b473cfb2b
linkedin.com/in/onelife-onecoin-colombia-b5a23a162/?originalSubdomain=co
In fact, this scammer is called Estivenson Navarro and sells keychains with advertising:
share-your-photo.com/fb0371dbfc
Here are his contact details with the same phone number:
share-your-photo.com/353385211e
wprospector.pro/p/28124lEz41
When Estivenson Navarro is not scamming for OneCoin or selling keychains, he uploads videos to YouTube. The only topic: God – Christianity – the Bible, etc. His channel already contains 255 videos since June 2015:
share-your-photo.com/5c20443be0
Does Estivenson Navarro also sell worthless educational packages from OneCoin in his sermons on YouTube? Unfortunately, this has already worked in churches, cults or faith communities in Uganda and Samoa.
The following photo shows this scammer in January 2023:
share-your-photo.com/16ed401fc4
youtube.com/watch?v=7pK2JQaLUUk
Under a video dated January 13, 2023, Estivenson Navarro offers a personal consultation, again mentioning his familiar phone number, which he also uses at OneCoin:
share-your-photo.com/0142d33f14
youtube.com/watch?v=EOzyF0P5FYI
OneCoin scammer Samuel Herrera from Colombia is still active. His YouTube channel with 1,540 subscribers now contains 145 videos:
share-your-photo.com/049953b263
His contact information:
share-your-photo.com/fe9d5d6313
youtube.com/@InfoSamuelHerrera/videos
share-your-photo.com/76be13e672