OneCoin banned in Italy, deemed a pyramid scheme
Amid concerns OneCoin was a “deceitful Ponzi scheme”, last December the Italian Antitrust and Consumer Protection Authority (AGCM) ordered affiliates in Italy to stop promoting the company.
A preliminary injunction concluded a few weeks later, resulting in an interim injunction banning promotion of OneCoin in Italy.
Citing legal opinions the company had paid for, OneCoin dismissed the AGCM’s preliminary findings.
On February 27th the AGCM announced they’d concluded their investigation into OneCoin.
As per the AGCM’s press-release, the AGCM have banned promotion of OneCoin in Italy. This is a step up from the injunction previously issued, and will take effect until further notice.
The AGCM also announced it has “initiated proceedings” against One Network Services (OneCoin’s parent company) and three Italian affiliates.
The nature of the proceedings were not disclosed.
Citing the findings of their investigation, the AGCM claim
the bulk of the revenues (in OneCoin are) obtained via activities promoted by affiliates.
This is not so much from the purchase of the OneCoin virtual currency but rather from the payment of fees that consumers are requested to pay when they join the system.
To reach the goal of generating a profit, OneCoin affiliates appear to be required to recruit other consumers.
These arrangements are attributable to the typical dynamics of pyramid schemes.
This conclusion was based off a joint investigation into OneCoin between the AGCM and a Special Unit of the Financial Antitrust Police.
BehindMLM first warned consumers about OneCoin back in September of 2014. Analysis of the company’s business model revealed Onecoin was a mix of Ponzi and pyramid fraud.
Update 8th March 2018 – Following an appeal, an Italian Administrative court has reversed AGCM’s suspension of OneCoin.
The new directive has been issued while AGCM continues to investigate.
Luckily, Ken “sand-in-my-toes” Labile is “on vacation.”
As it seems many other Italian Leaders who fled the country
Tim do you think Ken is “gone” now and the vacation his just his excuse?
He’s just relentlessly spewing his garbage on facebook and all those poor saps just eat it up. Hope he just goes away forever.
From what I can tell, four of the worst OneCoin scammers are Ken Labine, Tom McMurrain, Kevin Foster and Sarah McGhee.
So far, none of them have warned their investors about the news that Italy called OneCoin a pyramid scheme. This is not a warning or a “might be” type of announcement. The news out of Italy left no room for difference in opinion.
OneCoin is an illegal pyramid scheme. It will be interesting to see what the regulators decide is the appropriate punishment for those guilty of promoting the scheme here in the USA.
By the way, Tom McMurrain posted this on his Facebook page:
I finished the sentence for him:
Note: You can learn a lot about people who focus on “MY” in their company slogan.
a big crook in Italy of one coin has been massimo del moro, you should report it to the authorities, it was in the top crooks of this society.
Well from what I hear Massimo is on holidays in Mauritius and like some other OneCoin scammers it seems his residence now is Valencia in Spain and no longer Italy… why would that be.
Onecoin general sponsor of entrepreneur congress on 8th March in Zagreb, Croatia.
Anyone here from Croatia should inform the media about this.
Google for mlmprevara, wordpress blog is mine, you can contact me there.
@garden/AntiMLM – of like to connect with you guys too about Onecoin data if you can find me on Twitter either @ezCoinAccess or TimTayshun
Some more info about this:
Reporter from Croatian State Media HRT is neck deep in Onecoin
She is with major promoters of Onecoin in Croatia Marinko Paric and Nikola Adzija, former Lyoness pimps. These two are connected with other former Lyoness and Conligus pimps from Serbia and together make majority of Onecoin/Onelife promotions in ex-Yugoslavia states.
Ruja was supposed to give her speech on the Congress but it seems it wouldn’t be the case.
Letter from organizer itself:
AGCM (Italy): “Stop promoting OneCoin or face fines up to 5,000,000(€?)!”
@Oz – the parts about continuing to act with impunity and addressing OneLife Official Claims are of particular interest!
You keep mentioning pyramid scheme, I dont think you know the full meaning of pyramid scheme.
please tell me where it is ever mentioned that Onecoin offers to pay people a certain amount if they invested a certain amount.
That’s the Ponzi component. The pyramid component is in the direct and residual recruitment commissions (you get paid to recruit new investors).