Onecoin’s Konstantin Ignatov, the brother of Ruja Ignatova, the CEO of the worldwide famous Ponzi Scheme, agreed to testify against his sister as a part of the settlement that saw him dismissed from civil litigation regarding the scam so let’s find out more in the latest cryptocurrency news.
The newly reported details about terms of the settlement reveal that Onecoin’s Konstantin Ignatov agreed to both cooperate with the investors bringing the suit forward and to also testify against his sister on their behalf if the suit goes to trial. Ignatov is a defendant that is a cooperating witness in a parallel criminal case which will testify to help secure the conviction of lawyer and alleged money launder Mark Scott in November 2019.
Ignatov pled guilty to charges of money laundering and conspiracy to commit wire fraud back in October and is now facing up to 90 years in prison in the criminal case. Ignatov’s sentencing is now scheduled for November 11. Ignatov told the New York prosecutors that Phoenix Thoroughbreds’ owner Amer Abdulaziz Salman was a key money-cleaner working under the guidance of Mark Scott’s co-conspirator and former lover of Ruja Ignatova Gilbert Armena.
The reports showed that Phoenix Thoroughbreds’ racing company was banned from the French competition for the alleged ties to OneCoin over the past week with the company also withdrawing from the British events as well. Abdulaziz and the company rejected the associations with the Ponzi-scheme. However, last month, bodies of two-former Onecoin promoters were found in Mexico.
As previously reported on the OneCoin scheme, The UK financial watchdog FCA Removes the scam warning about the alleged scam crypto project OneCoin after the project hired a top law firm and reputation management company to put pressure on the FCA. Three OnCoin principles were indicted in the United States on charges that include money laundering. The OneCoin website is now down and the DNS record is under investigation for further leads into the scam. The site continued storing the balances and even facilitated OTC trades. The site got down just a few days after the reports of the nondescript van and workers who swept the OneCoin offices in Sofia.
OneCoin managed to drain up to $4 billion by laundering thousands through lawyers and offshore accounts. The Ponzi Scheme appeared during the early stages of Bitcoin and its size surpassed Bitconnet. However, this was a different scheme since it ran in a few countries and avoided legal crackdowns.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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