Thursday, 1 December 2016

Italian market protection authorities going after onecoiners

I received a post on the comments section today about OneCoin going under serious investigation in Italy. The post was referring to an article published on an Italian web page (Chrome users, click right button and select "translate"). The TruffaCoin's introduction declares: 

"Who we are? We are a group of anonymous volunteers, and would like to avoid a largest possible number of people to get hurt !
 We are collecting testimonies from victims of scams and Onecoin Coinspace. If you have lost money with these scams, you can contact us and give us your testimony will help others not to also lose them!"

In addition to starting to investigate OneCoin the Italian authorities seem to really push Italian onecoiners to quit the ponzi business. Below is the whole post from the Anonymous who tipped off about the Italian site and translated the main points:

"Italian market protection authorities prudentially shutting down Onecoin in Italy. 
Several of the top Italian Onecoin promoters have received lengthy letters from the Italian "Autorità Garante della Concorrenza e del Mercato" (Italian Anti-Trust and Market protection Authority).
In these letters:

- it is stated that there are reasonable elements to declare Onecoin a Ponzi deceitful Scheme ("schema piramidale", as the Italian law calls it)
- under threat of heavy fines, promoters are required to provide the Authority with a huge lot of information and documents (total number of sales, total amount of sales, contractsd, invoices etc). (This will also be interesting to investigate tax avoidance claims) 
- the Authority also requests in detail the "informative packets" purportedly being sold to Members (if the informative packets are rubbish, it's clearer that the amounts are being paid for the Ponzi business, not for any real sale)

The exact excerpt from the letter:
Sulla base degli elementi agli atti sussistono i presupposti perché l'Autorità deliberi, ai sensi dell'art. 27 comma 3 del Codice del Consumo (Decreto 6 settembre 2005, n. 206) la sospensione provvisioria della pratica commerciale. 
Translates to: Based on elements already in our possession, the conditions are satisfied for the Authority to decide the temporary suspension of the commercial activity, according to art 27 comma 3 of the Comsuner's Protection code (Decree 206 of sep 6th 2005) 
Essentially, what they say is "give us all these documents, but even without them we are confident enough to say that you have to stop selling Onecoin, because at first glance is seems a deceitful Ponzi. If - from your documents - we'll see otherwise, you might start selling again.

We don't know how many of the promoters have received these letters (it seems a good part Onecoin-related sites have received it)
Also, in these days, several sites of Onecoin promoters are down. While this is not directly required in the letter, it probably derives from the order of stopping the promotion and sale of Onecoin"

According to OneCoin's member tickers which can be viewed in the user account on, they have nearly 50.000 Italian members. However, I'd like to remind that any number given by OneCoin is not to be trusted. 

For example the headcount of the Finnish members is closing to 30.000 despite the fact that recruiting must have been very hard for a long time after all the bad press OneCoin has had here in Finland. I would estimate that we have more likely roughly 10.000-15.000 paid members. 

In addition The member tickers seem to add new members with a suspiciously steady phase which also varies quite strangely between the top countries.

Hopefully the Italian authorities can put an end to the recruiting tours in Italy. 

Ps. Thanks to the Anonymous who tipped off about the Italian investigation!

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