Monday, 8 August 2016

OneCoin receives huge media coverage in Finland

Several Finnish newspapers have published today an article from a reporter of STT (a Finnish news agency). These are all respected newspapers here in Finland (the article is mostly the same in all these links):
Salon Seudun Sanomat
Turun Sanomat
Kainuun Sanomat

And what about the story? I'll translate the most important parts:

OneCoin's Finnish promoter(s) had organised a gathering to anyone interested in OneCoin. The meeting was arranged in a basement room that's owned by a person convicted in a Finnish pyramid scam Wincapita years ago. Amongst the seven participants eager to hear how to get rich quickly there was the reporter from STT. The promoters didn't know that there was a reporter present.

The OneCoin pimps start their lecture by telling how banks are going to fall and fiat currency will go down. However they have a solution for everything and it's of course OneCoin. They urge the participants to invest in OneCoin and claim that anyone can make a lot of money by doing so. "You can spend the rest of your life enjoying travelling." The main promoter of the event advises people to sell their "slow income sources" like investment apartments and invest their money into OneCoin instead.

OneCoin's founder convicted of a fraud

The article goes on telling about Ruja Ignatova's fraud conviction in Germany this spring. According to German press she was sentenced to 1 year and two months in probation from a fraud conviction. Apparently Ignatova and her father were milking money from a German company Gusswerk Waltenhofen GmbH they were running until it went to a bankruptcy. 

The reporter also mentions parts of the notification from the Finnish NBI released last year. The NBI gave a strict warning to people about participating OneCoin because there are criminal and financial risks involved. They also stated that OneCoin's excessive profit expectations are not realistic.

OneCoin runs until it collapses?

OneCoin reps seem to continue pushing people to invest heavily in OneCoin. One might think that people would be alarmed (amongst all the other things) also by the number of promoters with criminal or somewhat shady backgrounds. Nevertheless OneCoin's top scammers have earned a humongous pile of cash with this scheme and continue do so until the pyramid collapses. As the money is transferred to god knows where it's likely that most of the victims won't ever receive their money back. 

Interestingly OneCoin's/OneLife's new terms and conditions notifies that "IMAs may not disclose any information about their income or the earning opportunities provided by their participation in ONE LIFE NETWORK in any of their promotional materials. IMAs are instead expressly required to inform potential partnership applicants that only very few partners can achieve higher incomes with their ONE LIFE NETWORK activities and that such incomes are only possible through very intensive, continuous effort." - I bet all OneCoin representatives conveniently forget this part of their agreement.

Authorities in the EU seem to be helpless to interfere this ponzi - maybe also unwilling because this is a huge mess. I'm not sure if it's even possible that an international intervention by co-operation of the authorities in the EU region could take place to stop this scam. Instead it looks like it's every country for itself. I guess it's hard to fight against international crime and twice as hard to fight against international crime backed with the stupidity of the victims.

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