Sentencing of OneCoin chief Konstantin Ignatov poised for additional postponement

The sentencing of Konstantin Ignatov, a pacesetter of fraudulent crypto scheme OneCoin, is poised for additional postponement.

On October 25, 2023, the Division of Justice (DOJ) filed a letter with the New York Southern District Court docket.

The doc notes {that a} sentencing management date is presently set within the case concentrating on Ignatov for November 2, 2023. As a result of the defendant’s cooperation isn’t but full, the Authorities requests that the sentencing management date be adjourned for about 60 days.

The protection consents to this utility.

The sentencing of Ignatov has been postponed quite a few occasions.

Let’s recall that Konstantin Ignatov was arrested March 6, 2019, on the Los Angeles Worldwide Airport. He was charged with wire fraud conspiracy stemming from his position because the chief of a world pyramid scheme that concerned the advertising and marketing of a fraudulent cryptocurrency known as “OneCoin.” An Indictment additionally charged Ignatov’s sister, Ruja Ignatova – a founder and unique chief of OneCoin – with wire fraud, securities fraud, and cash laundering offenses.

Because of misrepresentations that Ignatov, Ignatova and others made about OneCoin, victims invested billions of {dollars} worldwide within the fraudulent cryptocurrency.

OneCoin Ltd. operated as a multi-level advertising and marketing community by way of which members obtain commissions for recruiting others to buy cryptocurrency packages. This multi-level advertising and marketing construction has fueled the fast development of the OneCoin member community. Certainly, OneCoin Ltd. has claimed to have greater than 3 million members worldwide, together with victims dwelling and/or working inside the Southern District of New York.

Data obtained in the middle of the investigation present that, between the fourth quarter of 2014 and the third quarter of 2016 alone, OneCoin Ltd. generated €3.353 billion in gross sales income and earned “income” of €2.232 billion.