Ponzi

April

Million

when

Billion

The OneCoin Scheme case took a new turn as the US authorities exposed a new face, William Morro, who pleaded guilty to bank fraud of $35 Million.&nbsp;
The US Justice Department arrested and charged William Moro, a new figure in the OneCoin Scheme case, for taking part in a conspiracy to commit bank fraud. According to a filing on April 23 in the US district court, Moro helped OneCoin transfer funds from different bank accounts.
<h2 class="wp-block-heading" id="strong-legal-actions-on-william-morro-strong">Legal Actions On William Morro</h2>
The OneCoin Scheme took a new turn on April 23, when the US Justice Department added a new name to the list of conspirators involved in the fraud case.&nbsp;&nbsp;&nbsp;
After a search warrant against Ruja Ignatova and 30 years of sentencing to Karl Sebastian Greenwood, co-founder of OneCoin, William Morro was exposed as a new figure. As per the reports, the latest individual to be charged in the OneCoin scheme was somewhere connected with Gilbert Armenta, Ruja Ignatova’s boyfriend.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
According to the filing, Morrow was accountable for transferring over $35 Million in China-based bank accounts between March and April 2016. Additionally, he shifted more than $6 Million from the Hong Kong accounts between April and June 2016.
The money launderer made false statements and promises to banks to cover the source of stolen <a href="https://www.thecoinrepublic.com/2024/04/19/onecoin-lawyer-got-bail-after-sentenced-to-10-years-in-prison/" target="_blank" rel="noopener noreferrer nofollow">OneCoin</a> investor funds. Also, he had close connections with Gilbert Armenta, who was convicted in February 2023 and was sentenced to five years imprisonment.
He has been arrested and charged by the US authorities, and his sentencing is scheduled for August 1. Morro is supposed to be sentenced to up to 30 years in jail in charge of conspiracy to commit bank fraud.
Morro consulted and hired lawyers Mark Cohen and Jonathan Abernethy in his legal approach. Both lawyers worked with major clients in a few substantial financial fraud cases.&nbsp;&nbsp;
Besides this, OneCoin lawyer Mark Scott, convicted of conspiracy, recently got bail pending an appeal of his case in an April 18 filing. He was found guilty of laundering over $400 Million and had an active involvement in the scam.&nbsp;&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-onecoin-scheme-highlights-strong">OneCoin Scheme Highlights</h3>
OneCoin was set up by Ruja Ignatova and Karl Sebastian Greenwood in 2014 and disclosed as a Ponzi scheme in 2015. The platform promoted a non-existing cryptocurrency and defrauded investors with around $4 Billion. Irinia Dilkinska, the Chief Compliance Officer, was convicted of the scam and sentenced to imprisonment for four years.&nbsp;&nbsp;
The platform shut down the business in January 2017 by denying most withdrawal requests. The co-founders and individuals associated with the scheme were arrested and charged for frauding over $4 Billion from customers.
Furthermore, Ruja Ignatova, the main conspirator behind the scam, disappeared in 2017 and was reportedly found in 2023. She is on the hit list of the FBI’s ten most wanted fugitives.&nbsp;&nbsp;
FBI is offering a reward money of $250,000 for providing information to the arrest of Ruja Ignatova. She is believed to have traveled with the armed guards and has had plastic surgery.

A New Face Exposed In The OneCoin Scheme: Found Guilty For Fraud

Table of Contents

Thecoinrepublic.com

Other articles published on Apr 25, 2024

Shiba Inu (SHIB) Hits Dramatic Reversal

Consensys sues SEC for clarification on Ethereum (ETH) classification as a security

Fezoo Exchange Presale Sees Major Momentum from ETC & DAI Holders Post-BTC Halving

C3.io is Powering DeFi with Algorand Foundation Partnership

Grayscale Bitcoin Trust (GBTC) Sets Unprecedented Outflow Record: What’s Next?

BlockDAG Poised for $30 by 2030, Leading the Market Over Shiba Inu Blockchain and Dogecoin Price ...

Join our free newsletter for daily crypto updates!