OneCoin founder Karl Sebastian Greenwood was convicted of multiple charges. statement From the US Department of Justice on December 16th.
Greenwood has been convicted of one cause of conspiracy to commit telegraph fraud, one cause of telegraph fraud, and one of the conspiracy for committing money laundering.
Each of these charges may be imprisoned up to 20 years in prison. Greenwood’s actual ruling will be determined by the judge in April 2023.
Greenwood has been detained since he was arrested in Thailand in July 2018. He was handed over to the United States to be charged in October 2018.
OneCoin started a business in Bulgaria in 2014 and functioned as a multi -level marketing scheme that gains profits by recruiting investors further. Despite attracting many investors, OneCoin was immediately infamous and failed to pay to investors, so in 2016 he gained a reputation as a Ponge Skeam.
DOJ said today that OneCoin scams have invested more than $ 4 billion from victims.
Federal prosecutor Damian Williams said, “This is one of the largest international scam schemes that have been conducted so far, and Williams added:
“Greenwood’s lie was designed for one goal of spending hundreds of millions of money in his pocket by letting go of the money he earned.
ONECOIN has been jointly established by Ruja Ignatova, a fleeing “Queen of Virtual Currency” since the arrest warrant was issued in October 2017.
DOJ’s announcement describes that Greenwood and Ignatova intentionally deceived investors by falsifying the various aspects of ONECOIN. In internal conversations, Ignatova even called her OneCoin as a “silly coin”, and her and Greenwood suggested that she would “take money and escape.”
Greenwood and Ignatova are not the only officials of the project. OneCoin’s Crisis Management Officer, Frank School has been charged earlier this month and is currently in court.
Christopher Hamilton and Robert McDonald’s, who are said to have helped to wash the project, will also be charged. The latest development of these cases occurred in August.