Investor Takes Legal Action Against $4 Billion Ponzi Scheme, OneCoin

A former investor of a widely suspected pyramid scheme, OneCoin, is seeking damages for losses resulting from the scam.

Christine Grablis has filed a lawsuit with the United States District Court of Manhattan against OneCoin and its founders, claiming that she was duped into investing $130,000 into the fraudulent MLM scheme back in 2015.

OneCoin is a well-known ponzi scheme that operates across the US, Europe and Asia, and promises ‘lucrative’ returns for users who purchase tokens to participate in its mining pool and promote OneCoin to their peers.

The project claims to have a functioning blockchain and unique cryptocurrency, however neither have ever been proven to exist. Despite this, the project has still managed to accumulate over 3 millions registered users since its inception, and has amassed over $4 Billion from investments.

OneCoin was founded back in 2014 by a Bulgarian woman named Ruja Ignatova and her brother, Konstantin, who were both recently charged by US authorities with wire fraud, money laundering and securities fraud, as reported by Bloomberg. Konstantin was arrested last month by local police in Los Angeles, however the sister still remains at large.

During the last 2 years, over 100 promoters have been arrested in China, India and Singapore as international authorities work together to clamp down on the scam.

The Grablis et al v OneCoin Ltd class action has also been made against Mark Scott and Sebastian Greenwood, two men involved in helping to launder the stolen funds through offshore hedge funds and act as the ‘public face’ of the company (respectively).

Christine Grablis has enlisted the services of Silver Miller law firm to assist her in the case and will also represent other victims of the scam.

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