Two men were found guilty of promoting and accepting investments for OneCoin, including setting up a dedicated subsidiary.
Singapore authorities have charged two men for promoting cryptocurrency multi-level marketing (MLM) scheme OneCoin in the first case of its kind for the city state, local daily news outlet Business Times reported on April 10.
The two men, who were not named, reportedly engaged in activities involving incorporating a subsidiary to promote OneCoin, as well as signing up new members and taking investments in return for education courses and OneCoin tokens.
The case is the latest to afflict OneCoin, which had managed to operate for several years and accrue giant investments before its two Bulgarian founders were indicted by United States law enforcement in March.
“The promotional tokens could be used to ‘mine’ for OneCoins,” Business Times quotes a statement from the Commercial Affairs Department of the Singapore Police Force as reading. It continues:
“Participants who brought in new participants were also entitled to overriding commissions in contravention of the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.”
Various governments worldwide have issued warnings against OneCoin, advising consumers not to interact with any agent associated with the scheme.
One of the two founders, Ruja Ignatova, remains at large following the U.S. indictment.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.