Copy link
Increase text size
Decrease text size
Link copied

US Court postpones sentencing of OneCoin crypto scam co-founder

Image by Gerd Altmann from Pixabay

Mon, 13 Apr 2020, 03:25 am UTC

The New York Southern District Court decided to move the sentencing of OneCoin co-founder Konstantin Ignatov to three months from now.

Ignatov’s sentencing date was originally set for April 8. However, the court approved a motion to adjourn the sentencing control date for Ignatov, his brother and accomplice. The new sentencing date is set on July 8, 2020, Cointelegraph reported.

OneCoin is one of the industry’s most infamous scams. It was founded in 2014 by the Bulgaria-based firm and remained fully operational until November 2019 despite the allegations that it raised at least $4.4 billion in a Ponzi scheme.

Ignatov was arrested at Los Angeles International Airport in March 2019. He pleaded guilty to participating in the multi-billion dollar scam and is facing up to 90 years of imprisonment.

OneCoin Ltd. claimed that OneCoin's cryptocurrency is mined using mining servers operated by the company and its value depends on market supply and demand. The company also claimed to have a private “blockchain” or digital ledger that records historical transactions, but the investigation proved otherwise, Finance Feeds reported.

Ignatov also repeatedly claimed that an “initial public offering” would occur. However, he only did it to generate excitement and solicit additional investment because the purported offering was always postponed and it never happened.

The U.S. government felt that Ignatov’s cooperation was “not yet fully complete.” He testified in the trial that Mark Scott is his co-conspirator.

Since Ignatov has testified publicly, the government requests to unseal a series of documents and the defense consented. The documents to be examined include the Government’s letter dated July 18, 2019; the October 4, 2019 change of plea transcript; the Sealed Superseding Information; the waiver of Indictment; and the October 8, 2019 sealing order.

Meanwhile, Q3 Investment Recovery Vehicle (Q3IRV), an entity representing the victims of the alleged $35 million Q3 Ponzi scheme is suing Wells Fargo Advisors for vicarious liability. The lawsuit accuses the company of failing to make appropriate inquiries to its financial advisor James Seijas when its policy mandates its employees to regularly report their activities relating to their interests outside their work.

Seijas touted himself as an investor representing Wells Fargo when he operated the scheme. So, the plaintiffs are suing the company's advisors for unjust enrichment, negligence, and fraud.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • susu
  • 2020.06.23 04:25:02
It is crazy when exchanges like StoxMarket isn't taken down after cheating several hardworking individuals wanting to invest attain financial freedom. Personally, I invested $750,000 expecting 120% as promised. Since I deposited, I haven't been able to withdraw neither my capital nor profit. I reached out to my account manager but all effort was in vain.
Weeks went by before i stumbled on FASTFUNDSRECOVERY AT PROTONMAIL COM after seeing their reviews on quora. They were able to recover my funds in less than a weeks. Thanks to Shaw for working me through all the processes and how to prevent getting scammed again. i hope this helps someone in similar situation i was.
  • 0
  • ·
  • 0
  • susiebell
  • 2020.05.10 13:17:34
I advice anyone trading with any of these new forex or binary option companies to withdraw their funds fully after making your first profits. I have been scammed badly by several binary option companies. But I’m glad today cause I have had all my money returned plus my profits. Thanks to an expert. You can reach me to also relate for help if you’ve also lost money trading susiebell2009 at gmail dot com
  • 0
  • ·
  • 0
  • susiebell
  • 2020.05.10 13:16:48
Comment deleted by user
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $9,264.29 (-0.35%)
  • Ethereum (ETH) $238.64 (+0.08%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $237.67 (+0.19%)
  • Bitcoin SV (BSV) $183.02 (-1.97%)
  • Bitcoin (BTC) $9,264.29 (-0.35%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft