OneCoin Class Action Complaint – Revolution in the Bulgarian Pyramide Scheme

OneCoine Class Action Complaint
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U.S. prosecutors have indicted Konstantin Ignatov and his sister Ruja Ignatova and accused them of fraud in connection with the pyramid scheme OneCoin. While Konstantin Ignatov was arrested March 6, 2019, at the Los Angeles International Airport his sister Ruja remains at large. In the meantime, even the strictly believing OneCoin followers get nervous and start to doubt the Bulgarian get-rich concept of the Igantovas (read FinTelegram report on indictment here)

Class Action Complaint

Now also participants of the OneCoin Scheme from the US have taken legal actions against the two Bulgarian masterminds as well as their alleged accomplices, the U.S. lawyer Mark S. Scott, and Swedish citizen Sebastian Greenwood who is described as the public face of the scheme beside Ruja Ignatova. Using his law license and legal knowledge, Scott formed hedge funds through which he laundered the proceeds of the OneCoin scheme. Purportedly, Scott assisted Ruja Ignatova in laundering more than $400 million through investment funds holding bank accounts at financial institutions in the Cayman Islands and the Republic of Ireland, among other locations.

On 8 May 2019, US citizen Christine Grablis introduced a Class Action Complaint against the aforementioned persons and demanded a jury trial. From August 2015 through August 2016, she invested approximately $103,500.00 in OneCoin trader packages/memberships and/or OneCoin. She claims that her out-of-pocket investment loss at ONECOIN LTD. totals approximately $130,000.00. She brought this action individually and as a class action on behalf of all individuals and entities who suffered financial damage with OneCoin. Another proposed lead plaintiff, Donald Berdeaux, allegedly invested approximately $755,918.92 between August 2015 and May 2016.

This action alleges the violation of the U.S. Securities Act, breach/rescission of contract, unjust enrichment, fraudulent inducement, fraudulent misrepresentation, negligent misrepresentation, conversion, and civil conspiracy.

No Coins No Nothing

The complaint also alleges that the OneCoins are not a cryptocurrency. They had nothing to do with the idea or conception of the blockchain. There wouldn’t be any mining facilities. The OneCoins would merely be an arbitrarily created currency to deceive members.

There were, however, no mining farms; and no mining of OneCoins ever occurred. The company simply created new OneCoins at will without adhering to any of the actual principles of blockchain technology.

Class Action Complaint against OneCoin

The lawsuit supports this claim with an email communication between Ruja Ignatova and Sebastian Greenwood. Ruja says that mining would be a good story to sell to the members even though they wouldn’t mineOneCoin. Literally, she writes: tell people the shit.

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