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Friday, 28 April 2017

BaFin bans OneCoin in Germany




27th of April 2017 the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) issued cease and desist orders against Onecoin Ltd, Dubai, and OneLife Network Ltd, Belize, holding the companies to dismantle their internet based “OneCoins” trading system and to end all sales promotion activities in Germany immediately.

Here's the whole announcement from BaFin, which makes it very clear that running the ponzi in Germany is now officially illegal.


OneCoin had bought four "legal opinions" from Germany (September 2014, December 2014, June 2015 and June 2016) to give a false impression about legitimacy of the company's business. BaFin's ruling shows how little value these so called legal opinions have when a business based solely on a ponzi scam is weighted by authorities of a country.


Macau event prohibited by China?


German GerlachtReport reported yesterday that the upcoming event in Macau on May 7th has been banned by Chinese authorities. According to the article, OneCoin/OneLife isn't welcomed to China:
"OneCoin is on the black list internationally as a snowball system . In the meantime the opponents and state organs are also being formed in China. 
Since Macau is also dependent on Chinese law, chief administrator Fernando Chui has now been instructed to "prohibit the planning of a OneCoin / OneLife event in Macau". Corresponding instructions were also given to hotels and other possible venues according to information from: gerlachreport. The instruction is equivalent to a ban for the OneCoin / OneLife event."



The Bank of Thailand issued a warning about OneCoin


There has been a lot of bad news surrounding OneCoin this week and more of them just keep pouring in. According to Bangkok Post 28 April "the Bank of Thailand has warned people to avoid investing in illegal digital currency called OneCoin". - Yes, it says illegal.

Wednesday, 26 April 2017

OneCoin scammer Tom McMurrain trying to have my Facebook account closed

Tom McMurrain is a OneCoin promoter from the U.S. who has been a key speaker in several events and also actively promoting OneCoin through social media. He organises frequently webinars to do his best at spreading the ponzi disease.

Today morning I was informed that he had been bragging during a webinar about filing a report against my Facebook account trying to get it removed. I checked the webinar in question and there McMurrain was laughing and stating:  "We have these people from the Bitcoin community that dislike OneCoin. And so if you see their profiles be sure to report them, because I'm getting a whole bunch of them... I've got Ari's..." And then he continues dropping names of the accounts he reported.


A screencapture taken from McMurrain's webinar about the attempt to have my FB account removed.

I have no clue on what basis he had filed a report about my FB account. There really aren't any other reasons whatsoever but him disliking my criticism towards OneCoin. McMurrain's report against my Facebook account was of course ineffective. However, what I find very disturbing is McMurrain encouraging others to report my account as well. This is not at all how someone doing a legitimate business works. This is how a malicious ponzi fraudster works. 




McMurrain chickens out from the India tour



McMurrain was supposed to go on a tour in India to host meetings in four cities starting from 27th to 30th of April. However, he seems to have suddenly changed his plans after news were published 25th April about 18 OneCoin ponzi scammers arrested in India. The article makes it very clear that the Indian police consider OneCoin being a ponzi scheme. As McMurrain has already spent 5 years in prison in the U.S. I guess he wasn't eager to get to visit an Indian jail. 

McMurrain and other OneCoin affiliates claim that OneCoin only sells education. Well, this video clip alone presents the real deal:
https://www.youtube.com/watch?v=pxE3d0jHzEc 

Today's news report even more arrests made in India. I spotted this post on BehindMLM informing that 4 other ponzi affiliates were booked. Here's also a link to the original article titled "Investors were told they would get massive returns in Dec 2018".

What did the chicken say at the event in India? - Nothing, because he never turned up.


"Become a Digital Currency Warrior"


This is a slogan McMurrain is using to attract new victims to join OneCoin ponzi. 

"We are getting rich!" - Oh, I thought OneCoin was about education.

He likes to attach this screenshot taken from movie Gladiator to boost his message. Well, the character played by Russel Crow, Maximus, dies at the end of the movie after fighting the movie villain Commodus. 

I have to admit that there's certainly an analogy there. At the beginning of the movie Commodus betrays Maximus big time and takes away everything from him, killing his family in the process. - So Commodus represents OneCoin quite accurately... except it doesn't exactly kill anyone's family other than economically.


So, anyone willing to become a "Digital Currency Warrior" for McMurrain? Anyone?

Thursday, 20 April 2017

Authorities and media closing in on OneCoin



BaFin points its condemning finger directly towards OneCoin


As the infamous ponzi pyramid scam OneCoin has been gaining more attention, authorities and media have been closing in on the scam. There are police from several countries investigating the scheme. Every now and then there's a financial regulator announcing warning about OneCoin.

There are almost daily banks searching information about OneCoin from this blog. Hence I'd suspect that they have detected some suspicious money transfers - so there could be a bank account freezing somewhere even as I'm typing this. OneCoin itself can't publish any bank account details, because it's considered a money launderer by regulators throughout the world.

There has been warnings about OneCoin by three different regulators just recently:

BaFin (the German Federal Financial Supervisory Authority), 18 April.

- In fact BaFin released an earlier warning in 10 April. But after OneCoin denied relations to the illegal money remittance business of IMS International Marketing Services GmbH, BaFin issued a direct order to OneCoin Ltd that the company is to immediately cease its business activities in Germany.

MFSA Warning, Malta, 18 April.
- In short: "The MFSA hereby informs the public that OneCoin is not a currency issued by any Central Bank or by any other public authority. Furthermore the promotors of OneCoin are neither regulated nor authorised by the MFSA."

Securities and Exchange Commission of Pakistan -SECP, 16 April
- Some OneCoin fraudsters have been focusing heavily on scamming citizens of Pakistan during recent months.

In case interested, this blog lists all the known prohibitions and warnings by legal authorities.



OneCoin providing education for fools


OneCoin claims to only sell education. In addition the ponzi has some ridiculously overpriced products; a tablet called OneTablet, OneCoinCloud and an application builder called MAB.

It has been clear from the beginning that OneCoin's education packages include educational material only as sort of window dressing to make the scheme appear like they sell education instead coins. OneCoin hasn't ever made any real efforts to hide this obvious fact. In fact the ponzi's Finnish Country Manager Tommi Vuorinen has went as far as publicly stating several times that the educational material was included only to avoid confrontation with financial regulators.

To show more arrogance towards authorities, it didn't take long after OneCoin started its business before education packages without education were introduced. By the end of 2015 OneCoin began to sell packages with no education included whatsoever.


Behold the education included in Infinity Trader package!

OneCoin has continued selling these packages ever since, shamelessly adding more and more outrageous offers one after another. The packages have been priced starting from 140 euros up to hefty 188.000 euros. In addition there has been some special promotions selling combo-packages. 


Many victims of OneCoin have several accounts and several packages. I guess some just need to learn their lesson by multiplying their education.


OneCoin removed the three most expensive education packages from its shop


An observant member of Murobbs discussion board posted a message yesterday informing that the three most expensive education packages have been removed from OneCoin's shop section. These packages have been priced between 48.000 - 188.000 euros. This modification of the ponzi products seems to consider only the EU region. The three packages seem to still be available elsewhere outside Europe. 

Here's a screenshot from a Pakistani account:



So what's the reason behind this? I suspect that some people (or a person) related to this ponzi - and high enough in the organization to have changes done to the shop section - have become intimidated by recent news, police investigations and regulatory warnings. Hence they are trying to delete some awkward details that are just too obvious ponzi signs.

Tuesday, 18 April 2017

Recylix - the plot thickens!



Recyclix released today an announcement titled:
"MEET THE NEW RECYCLIX MANAGEMENT TEAM: MESSAGE TO PARTICIPANTS"



The message starts:

Dear investors of Recyclix,
 
My name is Yaroslav Mikhalsky and I will serve as the chairman of the new management team of Recyclix and together with my colleagues we will be handling the crisis management program and ensuring that this procedure is performed in an inclusive and efficient way.
As you might have seen it in the latest update post on Facebook, we already announced the approximate dates when provision of compensations to the Recyclix participants will commence. For those users who haven’t had an opportunity to get familiar with the post, I would like to repeat that it’s estimated that the process of provision of compensations would start in June, whilst from now on all news on the progress of the crisis management plan and current events will be published by our team members on Recyclix’s website and its official Facebook page in English.

The writer of the message introduces himself by the name of Yaroslav Mikhalsky as the new chairman of the new management team of Recyclix. He doesn't give any information about his background or reason behind his presence at the current position. Google search of the name doesn't show a thing either. Neither can he be found on LinkedIn.

The previous management team released earlier an announcement declaring that the whole team was leaving the company. The newsletter stated that a crisis team was going to take care of all matters from thereafter. Yeah, right! - Nothing fishy there.

I suspect that Yaroslav Mikhalsky is only a fake personality created to drag this crumbled ponzi pyramid further to give more time for the scammers to organise and execute their exit plans.

After the introduction the message continues:

ON CRISIS MANAGEMENT PROGRAM 
My colleagues and I believe that transparency and clarity are crucial when it comes to achieving any goal in a big company—especially if it has to do with management of funds—and this is why now I would like to tell you more about the crisis management plan that Recyclix will launch in the nearest future. 
All compensations will be paid through a special crisis management center that will be opened in the short term. Funds for provision of compensations were already partially allocated and as soon as the crisis management center have been opened and our team has finished the thorough fiscal and property audit of the company, the process of the compensation provision will be started. 
For purposes of enhanced transparency an oversight committee consisting of members of Recyclix themselves will be formed. We will be informing you the progress of the crisis management program in the next newsletters as well as on the official Facebook page of Recyclix.

Well, I can help you get started with the transparency part. Recyclix is a ponzi scheme recycling money to feed a pyramid shaped organisation, beneficial mostly to the top part of the structure. According to Polish media the company has a share capital of about 1.000 euro. There's reason to believe that Recyclix has never had any recycling plants - let alone ran plastic recycling business. 

As the ponzi pyramid has evidently collapsed and the company has supposedly its bank accounts frozen, there isn't funds left to execute all withdrawal requests. I strongly doubt that this "crisis team" even aims to fulfil its purpose. All the money is gone and the pyramid ain't recruiting anymore. It's game over.



The plot thickens!



The message contained pretty standard time-playing-ponzi-tactics this far, but then it gets pretty strange - even in ponzi standards:

ON CURRENT EVENTS
 
There’s another important thing that I would like to let you know about in this newsletter as our team has found a couple of strange things about Recyclix following the commencement of the company’s fiscal and property audit. 
You may have heard about the issue with Ruslan Puksto who tried to illegally take over the company by forging the official documents back in January 2017. Unfortunately, it turns out that a similar situation took place once again on March 23 due to unknown reasons, most probably by the way of forging the official documents too, and currently Recyclix is being illegally controlled by a certain Igor Pshenychnyi. You can review the official legal information about the company over here. 
For enhanced safety the funds allocated for provision of compensations were stored in Latvian Citadele bank as well as on the accounts of BEPAY company. However, last week a large payment has been made to a Finnish branch of Nordea bank without consent of BEPAY management board.
This is now like a soap opera of a ponzi scam. These claims go so ridiculous that one can only speculate what's actually behind all this. Maybe the key figures of this scam are trying to backstab some fellow fraudsters?

So this so called recycling company who claims to be "One of Europe’s leading recycling companies" states that a person named Ruslan Puksto tried to illegally take over the business. 


That shouldn't even be possible. - This isn't any Game of Thrones where you could take over a company just like that. And why an earth would someone try to "illegally" take over a company? What would be the purpose of that?

If that turd from the chairman wasn't smelly enough, this bullshit could be smelled miles away: Now the new chairman 
Yaroslav Mikhalsky claims that currently the company is illegally controlled by Igor Pshenychnyi. Well, who appointed Mikhalsky as the new chairman then? Was it Igor? This goes beyond stupidity. Isn't he now illegally the chairman of the company?

The message continues:
Nordea bank has been already contacted about it, but we still haven’t received either definite answers or solutions to this problem. This is why we would like to kindly ask all of you who made payments to Recyclix via BEPAY company to get in touch with Nordea bank using this complaint letter template COMPLAINT LETTER TEMPLATE at Nordea Customer Service and demand for a financial fraud investigation to be carried out. 
Aleksin Kauppahuone OY
IBAN: FI8317453000088965
BANK: NORDEA BANK FINLAND PLC 
SWIFT: NDEAFIHH 
TEL: Calls from abroad ‎+358 200 70 000 (international call charge)
I can't figure out what's behind this. I would bet on a dispute between the fraudsters or pure backstabbing. 

Aleksin Kauppahuone Oy is registered in Finland starting 07/2009. The company is run by Andrej Zhakalov and Sergejs Vasiljevs:

The message goes on:
And though upon arrival at Recyclix our team was not expecting such difficulties to arise, all necessary documents for the commencement of an official investigation have been already handed over to the law enforcement authorities. A very similar case—an illegal takeover of the company that happened back in January—was solved in a rapid way thanks to the hard work of investigating officers. 
We would like to let you know that these investigations should not affect the estimated dates of the commencement of the compensation provision plan announced earlier, especially if as many of you as possible will contact Nordea bank and ask them to launch an investigation into the unlawful financial transaction from BEPAY company to their bank.
BEPAY Limited is a company registered in England. Recyclix was using the company as an account holder for its bank account in Poland. The sole director of the company was a 1990 born Latvian, Dainis Vasiljevs, until 1st of January 2017 when he resigned from the position. At the same day a Russian, Dmitry Lyamsya, was appointed as a new director for the company. The register information of the company states that Dmitry Lyamsya's country of residence is Finland. (The surname sounds so strange, that I began to wonder if the surname is actually from Finnish origins. Then the correct spelling could be Lämsä.)

The chairman's message ends as follows:
Apart from this, the initial phase of the company’s fiscal and property audit has shown that the previous management board of Recyclix tried to cover embezzlement incidents by some of its members. Our team has already launched a special internal investigation into such facts of misappropriation of funds by the old management team. 
At this point I would like to bring this newsletter to a conclusion and let you know that it will be a pleasure to work with all you in the following months to ensure a seamless process of provision of the corresponding compensations. 
Please make sure to contribute to the efficiency of the compensation provision procedure by contacting Nordea bank using the complaint form above in case you made payments to Recyclix via BEPAY. 
Remember that updates about the progress of the crisis management plan as well as the governmental and internal investigations will be published by our team members via the official Recyclix website and its Facebook page in English. 
Yours sincerely,Recyclix Crisis Management TeamYaroslav Mikhalsky
So the chairman states that the previous management of Recyclix - the very same that appointed the chairman to his position - was guilty in covering up embezzlement incidents. 




For those who have not been following scams before, it's quite common for fraudsters to come up with all kinds of excuses when a pyramid collapses or is about to collapse. They can blame for example hackers, someone embezzled the company, a fire in Brożku, or simply state that some unexpected financial troubles caused the company to go bankrupt.

I would recommend to all Recyclix victims to file a crime report to police. The sooner the better. You can't really do any harm by asking police to investigate the matter. If you are uncertain what country you should file the crime report to, I would recommend your local police. They sure can help you to proceed to the right direction.

Source:
Recyclix newsletter 17 April 2017 (the entire newsletter is also quoted in this blog post)

Update 3 May 2017: The website recyclix.com went offline today. Let's see if it's permanent.

Friday, 14 April 2017

Kazakhstani onecoiners going to be sued for investment fraud



Tengri News from Kazakhstan published news about Kazakhstani OneCoin members being sued for investment fraud related to the infamous pseudo cryptocurrency.

According to Tengri News it seems that there's a group of fraudsters held responsible for the large scale scam in Kazakhstan. The article only names one of them, "Mirsaitova" ("Мирсаитова"). (Translated from the article by Google Translate):
Economic Investigation Service of Astana SDD provides pre-trial proceedings against members OneLife companies for fraud on a large scale, reports Tengrinews.kz with reference to press-service agency.

"It is established that Mirsaitova DK and others have established an extensive network of activists working in all regions of the country, which was administered by cheating depositors misleading represents independent marketing partners OneLife Bulgarian company, touting the exclusivity they implement the so-called cryptocurrency OneCoin", - said in a statement.

Again there's a bunch of OneCoin's money laundering companies used to make sure that the victims would not see their money again:
Subsequently borrowed from investors funds for an established criminal scheme under the guise of online learning derived from Kazakhstan by listing the numerous accounts of companies registered in Singapore, England, Australia, Bulgaria, Georgia, Germany, Denmark, USA, UAE and China.

Tengri News lets us know also the total sum of money the fraudsters have gathered from Kazakhstan:
According to preliminary data, in the period from 2015 to the present time, the total amount of funds raised defrauded investors amounted to over 2.2 billion tenge.
- 2.2 billion Kazakshtan tenge is about 6.6 million euros.

Tuesday, 11 April 2017

BaFin released information about OneCoin's money laundering



OneCoin's frozen bank accounts have been a public secret for a quite some time. During the Autumn last year OneCoin's bank accounts started dropping like flies and the scam ran into serious banking problems. Without bank accounts the ponzi was facing hard times with its recruiting business, because bank wire was supposedly the most used method for membership payments.

The key element causing those rapidly frozing bank accounts was not the initiative of authorities or police but the activism of scam resistance. All the bank accounts held by the fraudsters were reported to the banks in question. As soon as OneCoin announced a new bank account to be used, a money laundering report was filed. This turned out to be a very effective way to fight against these criminals, whereas authorities and police have only limited ways to interfere international ponzi scams.

Eventually OneCoin ran out of options and had to give up having public bank accounts in November 2016. The representatives of the company had to keep bank account details as a secret from now on. Anyone willing to be a member would have to know the secret handshake to get the information about a bank account to use.

Currently OneCoin has at least 17 frozen bank accounts. I would suspect that there are much more after banks have been unraveling the money laundering scheme.



BaFin released information about OneCoin's money laundering in Germany


Not much has been known about OneCoin's money laundering besides all the bank accounts the scammers have had. Because of bank secrecy nothing has been reported about the scheme, albeit frozen bank accounts have been an obvious fact.

However 10th April BaFin released some interesting information about OneCoin's frozen bank accounts:

"On 17 and 20 February 2017, the German Federal Financial Services Supervisory Authority BaFin imposed an account freeze on the known to still be active bank accounts which IMS International Marketing Services GmbH, a German limited liability company based in the city of Greven, held in Germany."

IMS International Marketing Services GmbH was a shell company OneCoin used as bank account holder for banks based in Germany. I have posted the following blog updates mentioning this shell company:
http://kusetukset.blogspot.fi/2016/03/financial-it-takes-down-its-facebook.html


BaFin also states that "Between December 2015 and December 2016, IMS International Marketing Services GmbH took in, in total, approximately 360 million euros on behalf of Onecoin Ltd. Approximately 29 million euros of this remains in the currently frozen accounts." I'd suspect that this shell company was targeted primarily for European scam victims. 


At least we now know something about the scale of this scam - yeah, it's huge! Sadly it seems evident that most of the 360 million euros have been well laundered forward. However, I bet those 29 million frozen euros made a huge dent on Ruja's purse. - Well, not on the purse for buying gowns but the one for feeding the ponzi.



Business For Home accidentally published real news!


Lastly as a comic relief: 

Surprisingly Business For Home published the news on its MLM news section today. BFH is known as a loyal paid lackey of OneCoin so publishing such news was quite unorthodox from the ponzi servant.


Thanks to BehindMLM for the picture! I was just a bit too late to capture this kodak moment.

However, it took only couple of hours before the news were deleted. Was it an accident or a subtle request for a hefty cash donation directed to OneCoin?

Dear Business For Home, maybe a more appropriate name for your site would be Bullshit For Home.